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Companies churn out profits but not jobs

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Companies churn out profits but not jobs

Post by worrywart on Sun Jul 24, 2011 11:54 pm

By Steven C. Johnson | Reuters – 7:45pm Sunday, July 24, 2011

“NEW YORK (Reuters) - The sluggish pace of hiring may be hobbling the U.S. economy, but it's not been holding back big U.S. companies' profits thanks to growth overseas and cost controls at home. And that's bad news for the more than 14 million Americans without jobs.

Big businesses would normally be desperate for surging job growth as it would feed into domestic demand but these aren't normal times. Massive growth opportunities overseas, especially in China and other buoyant Asian economies, have some of the largest American companies on track for record profits, even if their businesses are mostly treading water in the U.S.”

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