Labour productivity growth in the euro area and the United States: short and long-term developments

António Dias Da Silva, Paola Di Casola, Ramon Gomez-Salvador and Matthias Mohr

Economic Bulletin Boxes, 2024, vol. 6

Abstract: Labour productivity growth in the euro area remains significantly below its pre-pandemic levels, whereas in the United States it is largely in line with the pre-pandemic trend. The slower growth in euro area labour productivity has been broadly based across sectors. This discrepancy in productivity growth between the two regions partly stems from the higher procyclicality of labour productivity in the euro area. However, structural factors are also likely to play a significant role in explaining productivity differences between the two regions and are rooted in weak contributions from capital accumulation and innovation in the euro area. These factors have arguably been present since well before the pandemic. JEL Classification: E24, E32, E60

Keywords: business cycle; labour productivity; shift-share analysis; structural factors (search for similar items in EconPapers)
Date: 2024-09
Note: 686280
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