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U.S. firms doing much hiring -- overseas

  |   April 27, 2012 at 9:20 AM
NEW YORK, April 27 (UPI) -- U.S. corporations, reluctant to add workers in the United States, are doing the bulk of their hiring overseas, statistics show.

A study of 35 U.S. multinational firms showed that 75 percent of their hiring in the past 24 months has been in other countries.

Between 2009 and 2011, 60 percent of revenue growth for multinational firms based in the United States was overseas, The Wall Street Journal reported.

U.S. firms have set their sights on countries including China, India and Brazil as the next frontier for consumerism.

"If you want to capture market share in China, you're going to have to hire lots of locals. You just can't export that stuff," said Duke University Professor Arie Lewin, considered an expert in outsourcing.

Many U.S. multinational firms have added a paltry number of jobs in the United States since the recession ended in 2009 -- far less than smaller businesses.

But there should be no insult assumed, said Martin Baily, a former economic adviser to President Bill Clinton.

The jobs overseas "are not necessarily at the expense of U.S. workers." Baily said.

He said it is "almost inevitable" that the biggest firms need to hire workers overseas.

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