Lost since Feb '01: 15% of Manufctng Jobs, 25% of electronics manufg jobs

[hedda_foil]

Because there's not much crossover from the stock market watch threads to GD, I'm copying two posts from today's SMW (LBN) here for discussion.
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http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=106436

Finnfan (1000+ posts) Wed Sep-10-03 08:09 AM
Response to Original message

3. Interesting (and scary) article on MSN this morning

A jobless recovery can't go on for long

http://moneycentral.msn.com/content/P58078.asp

But there are trends working their way through the economy that aren’t cyclical. Some -- and no one knows exactly how many -- of the jobs lost in the recent economic downturn won’t be coming back. They’re gone for good, exported to low-wage countries such as China. That’s especially the case in the manufacturing sector.

Since February 2001, the United States has lost about 15% of all jobs in the manufacturing sector. Those job losses haven’t been limited to old-economy, metal-bending industries. About 25% of jobs in the computer and electronics manufacturing sector are gone, too.

Some of those will return along with demand for networking equipment, machine tools and PCs. But the vast majority of the 2.7 million jobs lost since the 2001 recession began are the result of permanent changes in the U.S. economy, a recent report by the Federal Reserve Bank of New York concludes. Job creation of the magnitude needed to significantly reduce unemployment will require the creation of new jobs in emerging economic sectors, the Fed’s report continues.

There is more....

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(1000+ posts) Wed Sep-10-03 10:34 AM
Response to Original message

11. Good morning all


I wonder if I am allowed to say that looking at todays start? I did a little research yesterday because of the denial about sending jobs to India that came up on one of the boards. I found my newspaper clipping, Bush promised jobs to India over state protest of outsourcing.

<SNIP>

US gives India assurance on outsourcing
TIMES NEWS NETWORK< SATURDAY, JUNE 14, 2003 10:01:26 AM >
WASHINGTON: The Indian government and businesses have won a major assurance from the Bush Administration on the issue of outsourcing.

A senior US official has said Washington is against any attempt by state governments to legislate a ban on outsourcing on the lines of what is being considered in New Jersey and other states.

The official, US Trade Representative Robert Zoellick, gave this assurance in course of three hours of intensive talks with Indian Commerce Minister Arun Jaitley, during which they discussed subjects ranging from the movement of people to the export of Indian mangoes to the US.

The length of the talks itself was indicative of the wide range of bilateral and multilateral topics under discussion as the two sides try and bump up their modest $ 15 billion trade to greater levels.
But the controversial issue of outsourcing was clearly on top of the pile and Jaitley said he had explained that the public and political opinion in India regards the move by some US states as "completely contrary to the spirit of market access and creates an adverse environment when negotiations were on in various other sectors."

Zoellick, he said, was alert to the brouhaha the issue had caused in India and conveyed to him that the Bush Administration opposes the states’ move and is persuading them not to go ahead with it.

In at least half a dozen states, state legislators are considering legislation to put a crimp on outsourcing claiming it is taking away local jobs. Outsourcing to India is projected to be a $ 20 billion business in the next five years, mostly from the United States.

<SNIP>
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[hedda_foil]

1. Kick!

Please read this somebody!

[Brian Sweat]

2. Republican presidents are great at creating jobs

for people living in third world nations.