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What explains the slowdown in labour productivity in the euro zone, Germany and France?
Productivity gains, even adjusted for the cyclical situation of the economy, have become very weak in the recent period in the euro zone, Germany and France. What explains this weak growth in labour productivity? The shift in the structure of employment towards jobs with a low level of productivity? Declining labour costs, which encourage the use of more labour-intensive methods? The ageing of the labour force? Underinvestment in general or in capital modernisation? The explanations that seem compatible with the facts are: For the euro zone, labour force ageing and underinvestment in technology; For France, declining labour costs and underinvestment in technology; For Germany, labour force ageing.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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