Stephen King: US recovery is creating jobs, just not in the US The Independent (3/08)
The markets hoped they'd get an elephant but, in fact, they got a mouse. A mouse that sent the dollar lower against sterling and the euro. A mouse that led to a rally in US bonds. And a mouse that stood up to the world and roared out its message loud and clear: "The US is still facing a jobless recovery."


Companies may be hiring more workers but there is no reason why companies should specifically be hiring US workers.


If companies are doing well precisely because of their ability to outsource and offshore, it makes no sense whatsoever to expect a recovery in corporate profits to feed through to a recovery in workers' incomes. In this Brave New World, profit strength - and labour market strength in China and India - may be driven by exactly the same processes that are giving rise to labour market weakness in the US.


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