Abstract
We provide new facts about the role of multinationals in the decline in U.S. manufacturing employment between 1993 and 2011, using a novel microdata panel with firm-level ownership and trade information. Multinational-owned establishments displayed lower employment growth than a narrow control group and accounted for 41% of the aggregate decline. Newly multinational establishments experienced job losses, while their parent firms increased foreign input imports. We develop a model that rationalizes this behavior and bound a key elasticity with our microdata. The estimates imply that multinational offshoring was responsible for a sizable reduction in U.S. manufacturing employment.
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