The post-COVID labour market equilibrium is not at all the same in the United States and the euro zone

In the United States and the euro zone there is currently a high level of hiring difficulties among companies, which could lead to the belief that in both countries (regions) there is strong pressure on the labour market that could lead to a significant acceleration in wages. But in reality, the situation is very different in the United States and the euro zone: In the United States, the COVID crisis has significantly reduced the participation rate (the proportion of the working-age population available to the labour market); US companies therefore face a labour shortage to which they can respond either by raising wages or by increasing productivity; In the euro zone, the participation rate has returned to normal; hiring difficulties are therefore not due to a scarcity of labour overall, and they do not seem to be really holding back employment growth. European companies find it difficult to hire either because the skills they are looking for are not available, or because employees are increasingly rejecting arduous jobs or jobs with unusual hours.