State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
March 24, 2004
Citigroup Exec: Blame Lack of New Jobs on Higher Productivity

It's not outsourcing to Asia that's holding back job creation in the U.S.--it's the growing productivity of those Americans who hold jobs, according to Stanley Fischer, vice chairman of Citigroup and president of Citigroup International.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

Fischer, who was first deputy managing director of the International Monetary Fund during the Asian financial crisis of 1997-98, remarked during a seminar in Singapore on Thursday that cosensus forecasts call the U.S. economy to grow by about 4.5 percent this year. Productivity, he added, is expected to grow at the same rate.

"If you have growth of... around 4.5 percent and productivity growth around those rates, then you know what you don't have and that is extra jobs," he said.

"So the joblessness of the U.S. recovery is the flipside of the superb productivity performance," he said. He added, however, that productivity would head back towards its long-term rate of around 3 percent, although the timing was uncertain.

Fischer was speaking at a seminar held at the Singapore Management University, and his remarks were reported by the Reuters news agency.

"If you look at the role of outsourcing, you will see that the numbers don't add up to give outsourcing the role that it is receiving politically," Fischer said.

Based on past experience, he said, 3.5 million jobs should have sprung up in the last two years, as the U.S. economy emerged from recession. Outsourcing negated 800,000 of those jobs, but productivity gains were a greater restraining factor, he said.

Links

Featured Free Resource:
Cost Per Hire Calculator
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB02
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Staffing-Training/Staffing-Recruiting/Citigroup-Exec-Blame-Lack-of-New-Jobs-on-Higher-Pr/