Training levels in Europe are falling as the US continues to surge ahead on skills investment, the world’s largest human capital report reveals.

The study of over 15,000 US and European organisations found that relative levels of spending on training are higher in the United States, as European expenditure has fallen year by year.

In Europe, the average number of training hours fell from 23.9 in 2003 to 19.7 in 2004 and investment in training also fell in absolute terms from €704 per employee in 2003 to €552 in 2004.

This is unlike in the US, where investment in training has risen on average by 5.5%.

The US has better results for people productivity and human capital return on investment.