Outsourcing

U.S. Companies Hiring Overseas

The Commerce Department reported Monday that the trend of large U.S. companies shipping jobs overseas has continued, with 2.9 million jobs lost in America in the last decade while 2.4 million were gained overseas. “Emerging markets [are] growing at two-and-a-half times the speed of industrialized countries,” economist Lynn Reaser. In 2009, for example, U.S. multinational companies’ worldwide employment shrunk by 4.1 million, but domestic employment shrunk by 5.3 percent, leaving 21.1 million without jobs while their overseas counterparts only lost 1.5 percent of the workforce. Microsoft was one of the few companies that bucked the trend, adding more jobs at home than abroad. One other tidbit from the report: Corporate profits have rebounded since the recession first hit, while job creation has not.