Wednesday, April 20, 2011

U.S Multinationals Increasingly Hiring Abroad, Firing At Home

U.S Multinationals Increasingly Hiring Abroad, Firing At Home

Large U.S. companies increasingly hire abroad and fire in America, according to new government data.

In the last decade, American multinational corporations, which together employ one-fifth of all U.S.
workers, decreased domestic employment by 2.9 million workers while adding 2.4 million jobs overseas, the Commerce Department reported on Monday.

In 2009, a devastating year for the global economy, U.S. multinational companies' worldwide employment shrunk by 4.1 percent to 31.3 million workers. But the cuts were much sharper at home than abroad.

Domestic employment by the same companies shrunk by 5.3 percent, leaving 21.1 million with jobs, while their overseas counterparts lost 1.5 percent of their workforce, with 10.3 million still employed.

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