The article compares unemployment trends in Europe and the US. It looks at whether the differences are due to different shocks or how each region responds to the same shocks. The study finds that the US labor market adjusts faster than Europe, suggesting that European economies might be slower to adapt. Spain stands out as being mainly driven by job reallocation. Overall, the findings suggest that the differences in unemployment dynamics are more about how each region reacts to shocks rather than the shocks themselves.