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Labour hoarding may well have continued to play a role beyond the most acute phase of the pandemic, while for unique causes than throughout the lockdowns. Average hours recovered substantially in 2021 and early 2022. Around 29% of firms report labour as a element limiting production, comparing to about 17% before the pandemic (Chart 4). A comparison with the United States presents 호스트빠 some interesting insights.[1] The two economies had related adjustments in total hours at the onset of the pandemic (Chart 1). On the other hand, there is a stark difference in terms of typical hours. This is also captured by the diverse developments in the unemployment rate in the euro region and the United States (see Chart 2).

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