Everyone knows that the dynamic U.S. economy generates new jobs at a much faster pace than the sclerotic economies of "Old Europe." Well everyone is wrong. Since 2000, Old Europe (the EU-15) have generated jobs at a 0.9 percent annual rate compared to a 0.7 percent rate in the U.S.. This follows a decade in which job creation was considerably more rapid in the U.S. than Europe, but for at least the last half decade, Old Europe has been winning the job creation race.
--Dean Baker
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