Report
Will COVID be followed by a positive productivity shock in the United States and a negative one in the euro zone?
At first sight, one would tend to expect higher productivity gains after COVID, given: The shift in the structure of demand and therefore production from services to goods; Efforts to digitalise the economy, working from home, e-commerce, efforts to improve corporate efficiency. But recent developments show: Higher productivity gains in the United States; A fall in productivity in the euro zone. What accounts for this unexpected productivity trend in the euro zone? One possibility is that the euro zone has benefited little from the growth in demand for goods, or that new jobs are being created in unsophisticated sectors. Indeed, industrial production has stagnated in the euro zone, whereas it has increased in the United States in the recent period.
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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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