I didn't show the figure below in my earlier post, because I really don't know how to import it and make it readable. But I believe it illustrates quite well the main ideas, so I do it now:
1. Wage-productivity gaps are observed in building construction and agriculture: reality or fiction (decreasing informality...)?
2- In any case, for manufactures, services and the economy as a whole (total), deviations are not significant
3 - Prices/ULC in services increased faster than in manufactures. The later are linked to PPP. The increase in the former explains the RER appreciation: once again, Pn/Pt is the issue , not wage productivity gaps.
To this, I could add a figure showing that on average wages in services are higher than in manufactures.
Thus, the challenge is to convince workers (and unemployed) to accept a lower pay while moving from services to manufactures.
The macroeconomic addjustment will be impaired not only by the economic climate, which is not investment-friendly, but also by any incentives unemployed may have to wait and see, rather than to accept an immediate move to a less friendly production environment.