Bad News Offshore

Bad News Offshore Last week the US Commerce Department reported that the big brand name US multinational companies have been cutting back their work forces in the United States while hiring abroad. In the 2000s, 2.9 million domestic jobs were cut, while 2.4 million were added overseas. Not surprisingly a large proportion of jobs were added in Asia by big businesses such as Microsoft, GE, Caterpillar, and Wal-Mart. This is bad news for the US economy. This trend signals that the US economic recovery is not going to result in the kind of job growth that has historically occurred when the tide turns. Alas, we are probably in for a longer lag in the real estate recovery.