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To: gpowell who wrote (21343)	6/4/2004 1:55:59 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

They posted an article that offered an unconventional view as to why job growth lagged the reported GDP growth. What is unconventional about failing to take into account offshoring when calculating GDP? I won't bother to pull up the articles which appeared in both Business Week and the Economist. The true GDP figures were around 2.7% according to these authors when offshoring was correctly taken into account, and then all the pieces fit together- jobs, the retail picture etc. As to Goldman, their role was simply to compare receipts from wipro and other indian firms against the US data used to calculate offshoring volume in our GDP (which was off by a factor of 10). There isn't anything subjective about using invalid figures. If wipro and friends say they are exporting billions to the US and US economists are saying the number is closer to 200 million, somebody's figures are wrong and that is the only point Goldman was making. Come on, we both know the economic world was shocked as these way out GDP figures kept popping up with essentially zero job growth. BTW job growth now is less than spectacular with no wage improvement even now.