The worrying trend in hiring difficulties reported by companies in the euro zone and even more so in the United States

Since the 1990s, there has been a worrying trend in hiring difficulties reported by companies in the euro zone and, even more so, in the United States. Hiring difficulties appear even when significant underemployment remains. This reflects a massive problem of skills mismatches caused by imbalances between skills and companies’ needs. The problem does not seem to be that the wages offered are too low, as hiring difficulties do not trigger faster wage increases. It is therefore essentially a growing problem of training and education, which, inevitably, is a structural drag on growth.