Corporations are making huge profits, the stock market is up and yet American companies are not hiring in the U.S. But, hold on, they are hiring overseas as sales are growing twice as far as in the U.S.
The Economic Policy Institute, a Washington-based think tank, reports that American companies created 1.4 million jobs overseas in 2010, compared with less than 1 million in the U.S. It is no secret then, why unemployment remains stubbornly high at 9.8 percent nation-wide.
If the additional 1.4 million jobs created by American companies overseas has been in the U.S., the unemployment rate would have declined to 8.9 percent says Robert Scott, a senior international economists at the Institute, reports salon.com.
