With the jobless rate at 8% and employment growth stagnation still hampering the US economy, it's time to stop hoping for a strong bounce back in employment and instead recognize the reality of current conditions.
The bottom line is that employment in the United States is simply not going to recover to pre-2008 levels as the global economy has slowed and outsourcing continues to gather pace to lower-cost labor countries. We expect the long-term US unemployment rate to be closer to 7%.
After recent trip to Shanghai, as well as a surrounding business district by the name of Hangzhou, a new trend is catching on that will further negatively impact employment in the United States. Emerging markets including China, emerging Asia, and Latin America are not satisfied with capturing low-cost wage jobs. Instead, they are beginning to focus on providing infrastructure and business conditions that will support higher paying, education required positions.Page 1 of 4 | Next Page