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To: stockman_scott who wrote (18630)	10/25/2003 8:35:21 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 57684

I'm very glad Roach seems to have a handle on the jobs situation. I get no sense that the people that put together these "productivity metrics" really understand what is going on, or maybe they do but for political reasons they remain silent. The problem is that because its Roach again, Mr. Chicken Little, this cautionary tidbit might just get ignored. Its best if everybody at least understands what is going on here. <<Stephen Roach, chief economist at Morgan Stanley, sees a link between higher productivity, weak wage growth and the shift of factory and white-collar services jobs offshore. The shift of labor-intensive work offshore "has the effect of biasing domestic productivity growth to the upside," Roach wrote. And while outsourcing overseas has boosted efficiency, it's given rise "to a significant income leakage that already has had a material impact on household purchasing power.">>