For example, in the most recent data, the home ownership rate for African-Americans was 45.8 percent. While this is up from 42.0 percent in 1993, it is virtually the same as the 45.6 percent figure at the previous peak in 1983. This article discusses the fact that recent economic growth in Europe appears to be creating very few jobs. The article presents an extremely confused analysis of this phenomenon. The fact that the same amount of economic growth leads to fewer jobs in Europe than in the U.S. logically implies that Europe has more rapid productivity growth.
Economists generally view productivity growth as the primary measure of an economy's dynamism.
By contrast, in the United States, productivity growth has averaged just over 1.1 percent for the last 25 years, although it has been somewhat higher since 1996. Almost without exception, economists view productivity growth as being good, since it is the main long-run determinant of living standards. According to data from the BLS, several European countries already enjoy levels of productivity that are comparable to the level in the United States. If these nations maintain an annual productivity growth rate that is near 2.0 percent, while the growth rate in United States remains on its 1.1 percent trend, by 2030 living standard across western Europe will be more than 30 percent higher than in the United States. The fact that Europe's unemployment remains so high is attributable to the fact that its economy is not growing as fast as it could.