January 7, 2012: The US president, Barack Obama urged firms to keep jobs at home. As per the government sources, the president will be calling for a discussion with business leaders in the country to encourage insourcing of jobs.
A forum will be held at White House where most of the business leaders who are promoting insourcing will be present. In his address he also stated that this discussion will help more businesses to promote insourcing.
US have lost more than eight million jobs in the recent time due to economic down trend. But, past 22 months was a come back period for the nation. According to Obama, the nation has added more than three million jobs in this short span of time which shows that United States is in the right track. The coming year 2012 is also expected to deliver much more jobs.
At present there are many companies in the United States that depend on offshore outsourcing market such as India and China. This is a big concern for many workers in the United States. But the government declared recently that the economy has made a gain of 200,000 jobs. It is also reported that the jobless rate has dropped to 8.5 percent. The report was declared by The Labor Department. But the worst part is that even though the economy has gained more jobs in the recent time, the nation could not make up the total jobs lost during the economic down trend. The new jobs gained in the economy are in private sector. The sectors such as transportation, retails and the health care have done well and have produced many numbers of jobs in the recent times.
More US based companies giving priority to insourcing is a little worry for Indian Business Process outsourcing market as the sector is dependent on American companies. There are many companies in India which work exclusively for American business giants, if these giants give more preference to insourcing then it could be threat for offshore outsourcing firms. However, in his New Year resolution, Obama said that he wants the economy to move forward at any cost.