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" ... Even though the unemployment rate has returned to its pre-recession levels in a number of countries, the underemployment rate has not. This is especially marked in the UK and the USA where the unemployment rate is close to 4%. As we will show, in a number of countries, and especially in the Euro zone, which has an unemployment rate of 8.5% in March 2018, both the underemployment and unemployment rates remain above prerecession levels. Examples of countries that still have elevated unemployment rates are France, Greece; Spain and Italy, all of which have unemployment rates of over 8%. Labor market slack, we contend, continues to reduce wage pressure across advanced countries. ... "