STOCK MARKET WATCH -- Tuesday, 8 October 2013

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42. IBM now employs more workers in India than US

http://nypost.com/2013/10/05/ibm-now-employs-more-workers-in-india-than-us/

The sun is rising in India for America’s outsourced jobs.

But it’s a bad sign for New York’s dwindling middle-class workforce, say labor analysts.

New York’s labor markets are in convulsions as American employers ship more well-paid jobs to lower-cost countries like Mexico, the Philippines, China and India — where IBM, culling 747 jobs from the Empire State, has achieved landmark status. It now employs more workers in India than in the US, according to a leaked IBM document reviewed by The Post. The average IBM pay in India is $17,000, compared with $100,000 for a senior IT specialist in the US.

Big Blue’s eradication of these New York jobs in the Hudson Valley — part of a brutal package of 3,300 IBM cuts in North America — is the latest sign by US employers of growing their bottom line by replacing higher-cost labor with cheaper workers abroad, labor analysts say.

but, but, but Hillary says there are "advantages" to outsourcing. Yes, the "advantages" to the executives and shareholders.

http://www.ndtv.com/article/india/ndtv-exclusive-hillary-clinton-on-fdi-mamata-outsourcing-and-hafiz-saeed-full-transcript-207593

Hillary Clinton: So you are talking about the outsourcing of US jobs to India. We know it's been going on for many years now and it's part of our economic relationship with India and I think there are advantages with it that have certainly benefitted many parts of our country and there are disadvantages that go to the need to improve the job fields of our own people and create a better economic environment so it's like anything like the pluses and minuses.