Euro zone: What to make of the very low productivity gains?

Productivity gains have become very low to zero in the euro zone in the recent period, which can be attributed to the strong creation of low-skilled jobs in construction and household services. What to make of the very low level of productivity gains? They correspond to strong low-skilled job creation, which has driv en down unemployment, which is primarily low-skilled; They have led to very low potential growth. But it is important to note that this is because the level of potential GDP is increased by the job creation, so it should not be interpreted negatively. Productivity gains will pick up once full employment is reached; One problem, however, is that real wages in the euro zone have not adjusted to the low level of productivity gains, so cost competitiveness and profitability have declined (the latter nevertheless remains high). The overall message is that the low productivity gains in the euro zone in the recent period should not be interpreted negative ly . The definitive disappearance of productivity gains would be a concern. A short-term absence of productivity gains combined with strong low-skilled job creation is positive.