Press Esc to close
Thursday 24 July 2014
News updated at 2:59 AM IST
Weather
Max: 28°C
Min : 21.3°C
In Bangalore
Sunny day

US multinational companies hiring abroad

Washington, Apr 19, (PTI):

Major American multinational companies which employ a fifth of all US workers are hiring people overseas, a US daily has said, adding that this report would sharpen the debate over globalization's effects on the country's economy.

New data from the US Department of Commerce have revealed that these American companies cut their work forces in the US by 2.9 million during the 2000s while increasing the employment overseas by 2.4 million, 'The Wall Street Journal' reported.

"That's a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the US and 2.7 million abroad," it said adding that in all, US multinationals employed 21.1 million people at home in 2009 and 10.3 million elsewhere, including increasing numbers of higher-skilled foreign workers.

"The data also underscore the vulnerability of the US economy, particularly at a time when unemployment is high and wages aren't rising. Jobs at multinationals tend to pay above-average wages and, for decades, sustained the American middle class," the report said.
Matthew Slaughter, an economist, who served as an adviser to former president George W Bush has termed it as a worrying sign.


"It's definitely something to worry about," he was quoted as saying by the paper. According to the Commerce Department report in 2009, the companies cut 1.2 million, or 5.3 per cent, of their workers in the US and 100,000, or 1.5 per cent, of those abroad.

Go to Top

Photo Gallery
A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Lightning on a thunderstorm  crackles over the mountains just south of Tollgate, Ore...

Lightning on a thunderstorm crackles over the mountains just south of Tollgate, Ore...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523