U.S. employment situation does not look very promising. The problem for America is caused by globalization. American companies are outsourcing as many jobs as possible overseas where the labor costs are lower.
There was an important article about global labor arbitrage by Morgan Stanley chief economist Stephan Roach back in 2004 during the so-called jobless recovery. Download the How Global Labour Arbitrage Will Shape The World Economy and read it.
We are really seeing this come to full fruition during this recovery. U.S. unemployment remains high as more and more high paying jobs like computer programming and engineering are outsourced to low-wage China India. Companies like Intel and IBM continue to reduce staff in the U.S. while increasing the amount of design work done in India.
Here is a 2006 article by Stephan Roach in The Asia-Pacific Journal: Globalization’s New Underclass: China, the US, Japan and the Changing Face of Inequality
Wikipedia entry for global labor arbitrage
