What best explains wage growth?

There can be large differences between the various indicators of labour market pressures. We therefore look at what best explains wage growth in the United States and the euro zone among: The unemployment rate; The employment rate; Hiring difficulties; Quits ; Job vacancies. We find that wage growth is best explained: In the United States, by the employment rate (and not by the unemployment rate, which is significant today given the divergence between the two variables); In the euro zone, in the usual way by the unemployment rate.