Your analysis overlooks the failure of the U.S. to produce new service jobs. Outside health care, private services are still 1.3 million jobs below the pre-recession peak. Retail is off, as are professional and business services and even temp work. Had private services been producing new jobs at the same rate it averaged between 1948 and 2000, employment would be over 8 million above where it is now - and probably less than 500,000 service jobs have been "offshored." Manufacturing has been shrinking rapidly over the last few years, but it also shrank (though much less dramatically) in the 1980s and 1990s. For the service sector to be barely growing is unprecedented.
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Doug, although you've been making this point for quite some time now in answer to those who make a big stink about offshore outsourcing, I must admit that only now has it really sunk in to my thick skull (well, the "Nation" article on left responses to offshoring was the real trigger but the above is a good precis).
I think there's a book on this topic -- the dramatic change which may be occuring in the American, and perhaps the global economic scene, preventing the robust creation of manufacturing and service jobs -- waiting to be written once we have some more years of data and experience behind us.
DRM