Shift of U.S. jobs overseas hurts young Americans’ prospects
No accurate count exists of how many U.S. jobs have moved overseas to take advantage of cheaper labor or how many have been undercut by cheaper imports. But some statistics show the effects of globalization:
•The AFL-CIO estimates a loss of 3 million manufacturing jobs and 850,000 professional service and information jobs overseas since 2001.
•For the six months ended Sept. 30, workers in about 1,200 U.S. companies were approved for federal Trade Adjustment Assistance, aid to employees who lost jobs because production was shifted overseas. That was a 20 percent increase over the same period a year ago.
•Commerce Department figures show that U.S. multinational firms employed about 730,000 more workers overseas in 2008 than they did in 2006.
•The threat of moving jobs overseas may have helped keep a lid on wages at home. Inflation-adjusted average weekly earnings have been down or stagnant since the recession began in December 2007.