Nov. 13 - CEO and Chairman of ManpowerGroup, Jeffrey Joerres, tells Chrystia Freeland why the global occupy movement is ''a natural outcome'' of economic ''polarization.'' But he says the U.S. ''is due for an influx'' of economic regrowth.
What does this mean for the western middle class I recently interviewed in American hedge fund manager he sent me. You know unskilled American workers are the most overpaid workers in the world. It certainly doesn't feel like that to people were diminished job that it's actually -- Well I've I would -- and -- Personal belief that there isn't anybody who's unskilled. There are people who have different kinds of skills. And and those entry level skills there is tremendous pressure and any time where you're doing a job. That has a lower level of skill that can be done somewhere else. It is engine. I would say we went through. As the United States the biggest exodus of those jobs in 2001. And 2002. In fact that's why kind of muted the recovery coming out of that that downturn that's where the jobless recovery the part. Part of the primary reason for jobless recovery is no longer company's iron anticipation that the higher after. So you get the chicken snake -- you know create disposable income. But I would go back to you know what you're seeing his is that. This is kind of middle class that that that's being gone or disappeared. It the only way it can be replaced is three good pipeline of small medium size businesses. We are police that are not. Hearing from many of our companies is they're gonna re domicile manufacturing back in the US to bringing -- back into the US. And what they're doing is not shutting down their center in Bangalore not shutting down their center and and -- Rather they're saying those senators are going to be using for fueling domestic growth and I'm gonna bring that back over the last one -- -- One cannot pretend that did it in both India and China. It's fifteen to 20% wage inflation every year. If I'm gonna put capital into a plant that is returned within the next seven to ten years I have to look and say is Italy -- arbitrage. I've fuel prices increasing I have irregularity of what tariff free trade is about. So I think Mexico will benefit from some of this so I don't want to paint a picture that it's there there's a complete rotation. But I would also say the US is in for some influx if they could just it. You can't get -- -- percent. You times but the disparity Arab countries look across the global economy with the -- -- -- the United States lack of mobility and other places. -- some social movements. Appearing. You know voicing those concerned occupied -- in the United States and corruption in India and what's your view that. I believe that they are in natural outcome. Of dissatisfaction. Of a sense of hope of -- I do better. And my parents and I can agree or disagree. It doesn't matter fact is is we aren't precarious spot where leadership that politics politics political levels leadership -- business level. Is now more important than ever before and leadership and political over a business level is too polarized. So we have to stop the polarization. Otherwise what you leasing and Occupy Wall Street occupy every street in major places that happened here in India as well. We'll continue to to to increase because of the dissatisfaction of I feel as though I'm not getting there's no sense of real hopeful what would be called classic American dream. So until we can stop the polarization -- -- for opera but at connecting with the global economy. It's growing but it's growing on a average level it's not growing on the micro. It's not growing at home as much. It's not grown in those middle classes those ones who put in the time and now see an increase and without that we will see some social. --