U.S. economy and jobs decline
Last modified on Saturday, 28 June 2008 04:48
Accenture, LLP, the old Arthur Andersen Consulting company, reported higher-than-expected quarterly earnings and raised its business outlook for the full year due to claimed strong demand for consulting and outsourcing services. Accenture forecast new bookings for the full year to a range of $25 billion to $26 billion.
This is in direct contradiction to the U.S. economy that employs U.S. workers. The U.S. unemployment rate is the highest it has been since the recession of the 1970s, yet many U.S. companies are still sending jobs offshore because the labor “is cheaper and just as good.”
Accenture’s quarterly net revenue rose to $6.10 billion from $5.08 billion. Accenture reported a quarterly revenue increase of 8 percent from customers in the financial group and a 19 percent growth in its "products" revenue category, which includes sales to consumer product manufacturers and automobile makers.
Meanwhile, the U.S. financial sector is in a mini-meltdown with huge numbers of home foreclosures and bankruptcies on the rise; and auto makers in Detroit are struggling to keep their doors open, while laying off U.S. workers by the thousands, and at the same time offshoring labor and services contracts to Accenture.
At least somebody is making a profit in the U.S.