Stephen Roach (Chief Economist, Morgan Stanley): Following a paltry increase of hiring in January, America's private sector job count remains 8 million workers below the path of the typical recovery; there is a concomitant shortfall of nearly $400 billion in the real wage and salary component of personal income. In January, job losses were evident in a host of service sector categories that are prime candidates for offshoring – namely, accounting and bookkeeping, business support services, architects and engineers, legal services, and computer systems design. [John Robb's Weblog]