Report
Patrick Artus

Why the asymmetry between the United States and the euro zone when it comes to productivity gains?

In the recent period (since 2017), productivity gains have: Accelerated in the United States; Slowed in the euro zone. What accounts for these asymmetric reactions to a shared environment ( economic “ overheating ” in the late 2010s, COVID crisis, war in Ukraine)? We see that it results from: A decline in per capita working time in the euro zone, which has driven down per capita productivity; Different reactions by companies to hiring difficulties: improvement in working conditions in the euro zone, increased productivity gains in the United States; A stronger determination to preserve profitability in the United States than in the euro zone.
Provider
Natixis
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.

 

Analysts
Patrick Artus

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