Wealth Management

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January 4, 2001

Jobs Are Growing, But Not in U.S.

We’ve been wondering why many companies aren’t hiring, despite their growing profits. It turns out American companies are indeed hiring again—they just aren’t hiring Americans. U.S.-based companies created 1.4 million jobs overseas in 2010, compared to fewer than 1 million in the United States. Had those jobs been created in America, they would have reduced the unemployment rate to under 9 percent.
"There's a huge difference between what is good for American companies versus what is good for the American economy," said a senior international economist for the Economic Policy Institute, a think tank based in Washington, D.C. 
The two-decade-old trend of American companies moving jobs overseas has accelerated in recent years, as increased demand in emerging economies spurred new growth, and white collar jobs have increasingly followed migration abroad that blue collar jobs have been on for decades.
Read it at the Associated Press