From Profit Confidential January 23, 2013 - 10:44am
The jobs market in the U.S. economy has attracted attention, as the employment rate has fallen marginally below eight percent for the first time under the Obama Administration. Some are even going as far as saying the U.S. economy is witnessing economic growth.
I have a different view. I believe the jobs market is fundamentally broken and, hands down, the biggest hurdle to economic growth in the U.S. economy. The truth of the matter is that the jobs are being created in industries where wages are low and there are millions of Americans who are still unemployed.
Now, after roaring into a new year, some U.S. companies are facing hardships as their sales outside the U.S. come under pressure. We have already seen companies like Morgan Stanley (NYSE/MS) and Citigroup, Inc. (NYSE/C) make cuts to their domestic workforces. Companies like American Express Company (NYSE/AXP) are following in thei...
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