Very different post-COVID employment dynamics between the United States and the euro zone (and France)

When comparing the trajectories of the recovery in GDP and in employment, we see: In the United States, a weak recovery in employment relative to that in GDP . T his is probably explained by companies’ real hiring difficulties, which have driven them to modernise and digitalise and therefore achieve productivity gains; In the euro zone (and France, which we look at specifically), a strong recovery in employment relative to that in GDP, and therefore a decline in productivity that is unusual at this stage of the cycle. This is probably explained by rapid growth in employment in service sectors, where labour productivity is low. This asymmetry between the United States and the euro zone shows that hiring difficulties can mask highly different realities.