In which countries have real wages fallen relative to labour productivity since 2019?

We look at income distribution between companies and wage earners since 2019, a period that covers the COVID crisis, the inflationary shock caused by the end of the COVID crisis and by the war in Ukraine, and the appearance of major hiring difficulties. If we compare the levels of real wages (deflated by the GDP deflator) and labour productivity from the start of 2019 to the end of 2023 in the United States, the United Kingdom, the euro zone and Japan, we see that the most significant development is the fall in real wages relative to productivity in the United States. The issue is income distribution between companies and wage earners . The overall purchasing power of wage earners, in terms of their capacity to consume, also depends on changes in import price s relative to the GDP deflator. We see that the most significant change since 2019 in import prices relative to the GDP deflator is the rise in the relative price of imports in Japan. The United States (due to the skewing of income distribution) and Japan (due to the rise in the relative price of imports) are therefore the countries where households have suffered the most from the series of crises since 2019.