Thursday, October 21, 2010

Gloomy jobs picture for U.S.

They are not on the U.S. payrolls of American multinationals, but they are employed in other countries by subsidiaries and affiliates of U.S. multinationals operating in China and elsewhere abroad.

In 2008 that employment stood at 11,900,000 -- an increase of 729,000 in two years – according to the August report of the U.S. Commerce Department, which tracks such employment data.

Our de facto global labor force is likely to increase, meaning that more and more U.S. jobs will continue to go “off shore.” A preview of that trend is evident from the number of Americans who get federal assistance because off-shoring cost them their jobs.

As I learned from an article by Don Lee of the Los Angeles Times:

“For the six months that ended September 30, workers at about 1,200 offices and plants nationwide were approved for federal Adjustment Assistance. That’s about 20% more approvals than in the same six-month period last year, according to the U.S. Labor Department.”

In an analysis of a Bureau of Labor Statistics September report on U.S. employment and unemployment, the Economic Policy Institute wrote: “The labor market is now 1l,500,000 jobs below the level needed to restore the pre-recession unemployment rate (5.0% in December 2007)."

The September jobless rate was 9.6%. See
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