Three different adjustments as a result of hiring difficulties
We compare the United States, the United Kingdom and the euro zone, three countries (regions) where hiring difficulties reported by companies are very different. But reactions to hiring difficulties are also different: In the United States, until the second quarter of 2021, the adjustment was made through higher productivity gains that offset the difficulty in increasing employment; In the United Kingdom, the adjustment has been made through wage increases, to try to attract more employees to vacant jobs; In the euro zone, there have been neither faster productivity gains nor larger wage increases, as hiring difficulties are not preventing companies from hiring at the moment.