Pasadena, CA -- (SBWire) -- 12/29/2010 -- In a year when the unemployment rate kept going up, American multinationals continued to hire in big numbers, just not at home.
The Economic Policy Institute says that American companies hired around one million people within the country, but 1.4 million people aboard. Most of the multinationals are experiencing record profits and increased sales.
Caterpillar Inc., for example, has hired around 15,000 people, but over half the hires have been outside the country. UPS is also hiring abroad as both companies have seen increased demand overseas. Most big firms have seen a good year in profits too. Only 4 percent of the top 500 U.S. companies did not report a profit in 2010. The stock market has also bounced back and is near its 2008 high before the financial crisis.
The nationwide unemployment rate is still 9.8%, with several estimates putting it even higher. This is because underemployed people are counted separately while 99ers (people unemployed for over 99 weeks) are not counted at all. EmploymentCrossing CEO A. Harrison Barnes says that even if American companies are hiring abroad, they are still hiring locally in key markets. Most of these jobs are in the retail and hospitality industry, which are the only two main industries hiring in significant numbers. EmploymentCrossing has been able to find 426,000 jobs in the last seven days.
American Companies Hired 1.4 million Workers Abroad in 2010; EmploymentCrossing Finds 426,000 Jobs.
EmploymentCrossing CEO A. Harrison Barnes says that even if American companies are hiring abroad, they are still hiring locally in key markets. Most of these jobs are in the retail and hospitality industry, which are the only two main industries hiring in significant numbers.