There is now a real asymmetry between the United States and the euro zone

We compare the trajectory of the two economies (the United States and the euro zone) since the start of the COVID crisis, and we see a marked asymmetry, starting from the dynamics of the employment rate and the participation rate: in the United States, there is a marked decline in employment and participation, which is not the case for the euro zone. The other asymmetries follow: Faster growth in wages and unit labour costs in the United States; Therefore higher core inflation in the United States than in the euro zone; The prospect of faster and stronger monetary policy tightening in the United States; Therefore a depreciation of the euro. When we look back at the initial asymmetry (the dynamics of the employment rate), we see that it results in the United States from the decline in the employment rate of well-educated Americans, not of those with a low level of education.