Another concern might be that the jobs are (slowly?) (rapidly?) being created, they're just not being created in N. America. Growth might be suppressed until this trend reverses or new activity appears to soak up the unemployed.
Well, sure. As the economy moves to be more global, jobs previously held by the US are now moving to China. Just a few weeks ago Goldman Sachs announced layoffs in the US, but added jobs in Singapore and Brazil. This is only going to continue.