An extensive Board article released on Friday:

Figure 1 displays the fact that the US has reverted to pre-Covid trend, while other economies have not (pity poor UK, buffeted by Covid and Brexit).

From the Conclusion:

Our analysis points to growth divergence between the U.S. and AFEs being the result of a variety of factors, including differences in monetary and fiscal policies, variations in labor and capital market institutions, and different region-specific shocks. It is currently challenging to judge how much exactly of the divergent performance is explained by each individual element. Overall, our analysis suggests that structural factors play a role in the way different economies responded to cyclical policies, and caution against interpreting recent productivity developments as only reflecting permanent shifts across economies.

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