Dohiyi Mir
    In Which NTodd Says His Peace

Monday, December 15, 2003
Go to the new DM blog.

Job Market Recovery


IBM Corp. plans to move up to several thousand skilled software jobs from the United States to India, China and other countries, which could amount to one of the biggest such actions yet in the technology industry.

IBM documents obtained by The Wall Street Journal said about 4,700 programming jobs could be shifted overseas to save costs, a growing high-tech industry trend known as "offshoring."

The Bush Economic Engine: 1 gear forward, 5 gears in reverse.


[Update: skippy received a note from ODub that is germane:

i came upon this analysis by morgan stanley's stephen roach, and i think you'd do well to take a look at it:

"it turns out that fully 84% of the total increase in nonfarm payrolls over the august to november period is traceable to hiring in four segments of the labor market -- the temporary staffing industry, health, education, and government -- where combined jobs have increased by 68,000 per month.

in other words, the bulk of the so-called hiring turnaround since august has been concentrated in either the contingent workforce (temps) or in those industry groupings that are least exposed to global competition.

this hardly speaks of a us business sector that has consciously made an important transition from downsizing to expansion. it merely reflects the fact that scale is increasing in the most sheltered and least productive segments of the economy."

The issue of temp labor keeps cropping up. Back in June, the Fed had a study that said:

The increase in job opportunities for temporary and part-time workers makes it easier for some people to enter the labor force or change jobs and allows workers to have more flexible schedules. Overtime offers workers the opportunity to earn additional income. But the evidence suggests that people often work overtime more because they fear losing their jobs if they refuse than because they want to earn additional income. Similarly, most workers are being driven into temporary and part-time jobs because they cannot find full-time, hopefully more perĀ­manent, work. Because temporary and part-time jobs offer less job stability, lower pay, and fewer benefits, their greater prevalence in recovĀ­eries could inhibit consumption growth and thus help perpetuate the joblessness of a recovery.

Yup, this jobless or jobloss recovery is still going strong.]

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