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

Author

Listed:
  • Da Silva, António Dias
  • Di Casola, Paola
  • Gomez-Salvador, Ramon
  • Mohr, Matthias

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

Suggested Citation

  • Da Silva, António Dias & Di Casola, Paola & Gomez-Salvador, Ramon & Mohr, Matthias, 2024. "Labour productivity growth in the euro area and the United States: short and long-term developments," Economic Bulletin Boxes, European Central Bank, vol. 6.
    • Handle: RePEc:ecb:ecbbox:2024:0006:1
    Note: 686280
    as

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    More about this item

    Keywords

    business cycle; labour productivity; shift-share analysis; structural factors;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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