In the 1960s it was the United States that was always criticised by countries like Australia and most of Europe for their high unemployment. Now the boot is on the other foot. There is a lot more that I could talk about, but I will confine myself to only one further topic.
A related factor in a few countries, including the US and the UK, has been a decline in labour force participation, which has reduced the supply of labour and contributed to stronger wages growth. Higher prices for petrol, electricity and gas have also pushed inflation up in many countries.