According to The Economist (Seeing Europe the right way up), employment growth has increased a bit faster in the Euro-zone between 1996 and 2005 than in the US. Unemployment has also fallen from about 11% to 8.4%, while the US has kept a steady 5% or so. The percentage of people of working age in employment has dropped from 73% to 71% in the US, while it rose from 59% to 65% in the euro-zone.

As for real economic growth, the euro zone has seen its GDP per capita rise by an average of 1.4% annually since 1996, against 1.5% in the US.

All in all, the GDP growth per capita is almost equal due to Europe's low birth rate, while Europe has created more jobs than the US.