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Outsourcing and the U.S. Economy: Can Trump Muscle Save the Day?

May 3rd, 2017 Comments off
OutsourcingandtheUSEconomyCanTrumpMuscleSavetheDaycreditlastlineofdefense-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Last line of defense.

India based IT services firm Infosys announced yesterday that they plan to hire 10,000 U.S. workers over the next two years and open up four additional technology centers, beginning in Indiana.

According to Newsmax, the move comes at a time when Infosys, along with fellow Indian companies Tata Consultancy Services and Wipro, are on the radar of the Trump Administration for displacing U.S. workers by bringing in cheaper foreign workers as a part of the H1-B Visa program, paying them less.

The Trump Administration has ordered federal agencies to review the program.

When you think about it from a U.S. point of view, obviously creating more American jobs and opportunities is a good thing,” said Infosys Chief Executive Vishal Sikka, who said the company plans to hire U.S. workers in fields such as artificial intelligence.

Sikka also says that Infosys has already hired 2,000 U.S. workers as part of a previous effort started in 2014.

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Vishal Sikka. Credit: Hindustan Times.

We started small at first and have been growing since then,” said Sikka.

The reality is, bringing in local talent and mixing that with the best of global talent in the times we are living in and the times we’re entering is the right thing to do. It is independent of the regulations and the visas.”

 

How Outsourcing Jobs Affects the Economy

According to a report from The Balance, the main negative effect of outsourcing is it increases U.S. unemployment.

The 14 million outsourced jobs are almost double the 7.5 million unemployed Americans. If all those jobs returned, it would be enough to also hire the 5.7 million who are working part-time but would prefer full-time positions.

The report also says that imposing laws or terms to restrict job outsourcing could make U.S. firms less competitive.

According to a study from Pew Research, major changes are reshaping U.S. workplaces as the economy moves deeper into the “knowledge-focused age.”

OutsourcingandtheUSEconomyCanTrumpMuscleSavetheDaycreditPewResearch-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Pew Research.

These changes are affecting the very nature of jobs by rewarding social, communications and analytical skills. They are prodding many workers to think about lifetime commitments to retraining and upgrading their skills.

The study cites that the number of workers in occupations requiring average to above-average education, training and experience increased from 49 million in 1980 to 83 million in 2015, or by 68 percent.

This was more than double the 31 percent increase over the same period in employment, from 50 million to 65 million, in jobs requiring below-average education, training and experience.

 

Hope for Lost Jobs? President Trump in Action 

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Credit: Heather’s Homilies.

President Trump is known for his no-nonsense, get things done style. Coming into the White House, he had no plans to change it.

I will be the greatest jobs producer God ever created,” said President Trump just before his inauguration. “Believe me.

By all appearances, he’s on his way to delivering on that statement.

In the ADP March private payrolls report, companies added 263,000 jobs for the month, which was well above the 185,000 expected from economists surveyed by Reuters, and also bested the 245,000 reported for February.

Even with a slight move down in April, surveys still show that confidence in the economy is strong.

Job growth is off to a strong start in 2017,” said Mark Zandi, chief economist of Moody’s Analytics at the time.

The gains are broad-based but most notable in the goods producing side of the economy including construction, manufacturing and mining.“

That has resonated with the small business community as well, as the January, February, and March reports reflect anticipation of President Trump’s policies, including the highest Small Business Optimism Index in 37 years from the NFIB.

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Juanita Duggan. Credit: NFIB.

We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan in January.

Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”

 

 

A View from the Industry

Even with the progress that’s been made, President Trump still faces an uphill battle.

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L. A. ‘Tony’ Kovach is the publisher of MHProNews.com, MHLivingNews.com and MH Consultant.

As well as the markets and new job creation are already responding to his initiatives, where could we be if there wasn’t a non-stop assault on our new president?” said MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach.

In November, Tim Williams told MHProNews that, “I am deeply encouraged that less than 24 hours into President Trump’s term, he has frozen new, potentially burdensome regulations.”  For his full comments, click here.

MHARR CEO, Mark Weiss, JD, shared similar thoughts with MHProNews in a story, linked here.

For more on the nations economic progress, including a recap of President Trump’s first 100 days, click here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Single Women Dominate Men in Home Buying

February 2nd, 2017 1 comment
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Image credits, Lindsey Bostick, Inside MH Road Show, home photo, Sunshine Homes and ManufacturedHomes.com.

In what could be considered a case of “don’t believe everything you hear,” it turns out that single women are active when it comes to home buying in a big way.

According to Newsmax, new research about women is revealing.

Women earn less than their male counterparts, pay harsher workplace penalties for pursuing parenthood, struggle more with debt, and save less for retirement.

But the one area of personal finance where single women are outpacing men in the U.S. is an important one: home ownership.

Women have been pacing ahead of men in data from the National Association of Realtors (NAR) since 1981, but Jessica Lautz, NAR’s managing director of survey research and communications says that the gap has widened even further in recent years.

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Jessica Lautz. Credit: Twitter.

Single women are also likelier than single men to be parenting on their own, and therefore likelier to seek stable housing for raising children,” said Lautz.

If you have children, it’s definitely going to play a role in where you’re thinking of living and how. And a mortgage can provide financial security. I think women, even with lower incomes, want a place where they can have roots and really own a place. The psychological desire to do that is great.

And that was the case for Michelle Jackson, a 30-something writer from Denver.

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Michelle Jackson. Credit: Bloomberg.

I wanted to have my own place,” Jackson said.

A lot of people in my circle of friends were women purchasing their homes when they got married, but I still felt like I wanted to build my own wealth and buy. If and when I met someone, it’s something that just added to what I bring to the relationship. It didn’t make sense to wait.

Jackson ended up being pre-approved for a 30-year, fixed-rate mortgage and had put an offer in on a small, one-bedroom home in a triplex in Denver for $72,500.

She still lives there, and the home was recently appraised for double what she paid. She wants to renovate and possibly buy another property nearby.

I’m so happy,” said Jackson.

It’s completely changed how I feel connected to the place where I’m living. It’s one of the best things I’ve ever done.

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What the chart above reveals is that single women are the next largest group of home buyers, behind married couples, but ahead of single men and unmarried couples. Credit: NAR.

The trend also runs contrary to popular belief  that women “feel the clock ticking” when it comes to settling down. One professor says that isn’t the case.

Despite the stereotypes that insist that women care more about marriage than men do, it may actually be single life that women embrace more than men,” said Bella DePaulo, a professor at the University of California at Santa Barbara and the author of “Singled Out.

Some research suggests that single women are especially unlikely to be lonely—again, contrary to our stereotypes. … I think that buying a home is a way of living your single life fully, rather than seeing your single years as just marking time until you find The One.”

And for Rachel Weiss, a fashion executive in New York, she’s embraced that mantra, using a chunk of saved cash to work on a dream home in Manhattan.

I outgrew my apartment 10 years ago, and buying a home was always in the back of my mind,” said Weiss.

But I didn’t know what to do and never knew if I could afford an apartment. I started looking online at Trulia and Streeteasy, and the next day [real estate agents] started calling. It wasn’t premeditated or anything. It was almost like I was on Tinder for an apartment.

Weiss ended up putting an offer down on a one-bedroom co-op in Chelsea for $640,000. It was accepted, and she moved in last August.

There was a psychological aspect to it, too,” said Weiss.

I’m in my 40s, and I looked at what my life was like. I’m not married, I don’t have kids. I can live alone, and fabulously. I feel empowered.

A Single Female in Manufactured Housing Speaks

Linsey Bostick of Sunshine Homes, a single, millennial female, recently spoke to MHProNews and MHLivingNews on the topic of home ownership.

LindseyBostick-SunshineHomesManufacturedHousingIndustryDailyBusinessNewsMHProNewsMany desire to move from renting to owning, but often struggle to find that a real possibility in the current site-built market. The manufactured housing industry can offer a solution to that problem,” said Bostick.

Bostick has lived in several kinds of housing, and now is a manufactured homeowner herself, so she knows.

Today’s manufactured homes can look and live like a conventional, site-built house, and can be half the price of new construction. Additionally, many manufactured homes are Energy Star rated, so they are more efficient than older, existing homes.

The story on Millennials and quality affordable housing is linked here.

Associated research from Pew is available here, and here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Student Debt may Hamper Housing Market for Years

October 31st, 2013 Comments off

According to a recent Pew Research survey, 36 percent of college graduates are moving back in with their parents, unable to find good jobs and saddled with school debt. While they are saving money, it makes it more difficult to establish a credit history, especially if they have missed a loan payment. The New York Federal Reserve says for the first time non-grads outnumber grads in homeownership. The percentage of 18-32 year olds heading up their own house has fallen from 36.1 percent in 2007 to 34.3 percent March 2013, says CNNMoney, and this could draw on the future of the housing market. Divorce attorney Shane McClelland, 27, of Columbus, Ohio has his own law firm and makes a good living, but the $200,000 he owes in student debt has stymied his buying a home. As MHProNews has learned, one lender refused to even process his loan application. “It’s really delaying the adult milestones I should be hitting,” he says.

(Image credit: Fotosearch–student homeownership becoming wishful thinking)