Sunday, October 05, 2003

A Missing Statistic: U.S. Jobs That Went Overseas

A Missing Statistic: U.S. Jobs That Went Overseas: "Among economists and researchers, the high-end estimate comes from Mark Zandi, chief economist at, who calculates that 995,000 jobs have been lost overseas since the last recession began in March 2001. That is 35 percent of the total decline in employment since then. While most of the loss is in manufacturing, about 15 percent is among college-trained professionals.
Boeing, for example, employs engineers at a design center in Moscow, while having shrunk its engineering staff in Seattle. Morgan Stanley, the investment firm, is adding jobs in Bombay, but not in New York — employing Indian engineers as well as analysts who collect corporate data and scrutinize balance sheets for stock market specialists in New York.
Near the low end of the job-loss estimates sit John McCarthy, research analyst at Forrester Research Inc., and Nariman Behravesh, chief economist at Global Insights. For them the loss is 500,000 to 600,000 jobs over the past 30 months, again mostly in manufacturing — with Mr. McCarthy suggesting that the 600,000 might turn out to be 800,000. His research focuses more on the future: Starting in January 2000 and running through 2015, globalization of American production will have eliminated 3.3 million jobs at home, he estimates."

...More than ever we must impress upon our children that their economic competition won't be Joe and Sally anymore, but Ivan and Ashok.

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