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US Companies Created 1.4 Million Jobs This Year...Outside the US

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Pallava Gogoi at the Huffington Post writes:

"All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown."

Great news, right?!? Unemployment might finally ease a bit, no?

Well...no.

Robert Scott, senior international economist at The Economic Policy Institute in Washington, D.C., says, "There's a huge difference between what is good for American companies versus what is good for the American economy."

To illustrate this point, Gogoi notes that:

"More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas ... Of Coke's 93,000 global employees, less than 13 percent were in the U.S. in 2009, down from 19 percent five years ago. ... DuPont's work force...in the U.S. shrank by 9 percent between January 2005 and October 2009. In the same period, its work force grew 54 percent in the Asia-Pacific countries."

So, on one hand, the S&P is up. On the other, you can't follow it on CNBC because it's tough to pay the cable bill when you're on unemployment.
POSITION:  No positions in stocks mentioned.

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