With 96 percent of the top 500 American corporations turning profits this year and stock prices soaring to the highest levels since the recession began, you'd think you'd start to see a dent in that near double-digit unemployment rate. But that's not so, partially because companies are boosting their bottom lines by moving toward outsourcing.
The AP reports corporate giants such as Caterpillar and UPS are creating more jobs beyond American borders than domestically. Both companies are seeing foreign sales growth rates double domestic increases. The AP cites a Washington think tank that found 1.4 of the 2.4 million jobs created by American companies this year are located overseas.
http://consumerist.com/2010/12/top-american-companies-are-creating-more-jobs-abroad-than-here.html•
Looking for a job with an American company? Better learn Chinese or SpanishAmerican companies are hiring as over 1.4 million jobs were created by business this year... overseas. In fact, more jobs were created by American corporations overseas than in America for US workers.
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The trend helps explain why unemployment remains high in the United States, edging up to 9.8 percent last month, even though companies are performing well: All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown.
But the jobs are going elsewhere. The Economic Policy Institute, a Washington think tank, says American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S. The additional 1.4 million jobs would have lowered the U.S. unemployment rate to 8.9 percent, says Robert Scott, the institute's senior international economist.
http://www.examiner.com/finance-examiner-in-national/looking-for-a-job-with-an-american-company-better-learn-chinese-or-spanish•
Where are the jobs? For many companies, overseas(AP) – 5 days ago
Corporate profits are up. Stock prices are up. So why isn't anyone hiring?
Actually, many American companies are — just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast as domestically.
The trend helps explain why unemployment remains high in the United States, edging up to 9.8 percent last month, even though companies are performing well: All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown.
But the jobs are going elsewhere. The Economic Policy Institute, a Washington think tank, says American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S. The additional 1.4 million jobs would have lowered the U.S. unemployment rate to 8.9 percent, says Robert Scott, the institute's senior international economist.
"There's a huge difference between what is good for American companies versus what is good for the American economy," says Scott.
http://www.google.com/hostednews/ap/article/ALeqM5iFY0R9agrMVljqtaB6ccsILSKd3Q?docId=771fbe245e624cbd95ab5a49122dd701
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