Where are the jobs?
nic on December 28 at 7:49 a.m.
Why (when corporate profits are soaring) aren’t businesses hiring? Why is unemployment continuing to be a problem?
In this post on yesterday’s wild card nic goes on to say that companies aren’t hiring here— instead companies continue to outsource. Indeed here’s an article supporting his claim:
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. PALLAVI GOGOI, AP Business Writer
Thoughts?
* This story was originally published as a post from the blog "Huckleberries Online." Read all stories from this blog