Just in time for the Beijing Olympics, Rob Scott from the Economic Policy Institute put out a great paper that updates his numbers on how many jobs could have been supported with balanced China trade.
He figures that an additional 2.3 million jobs could have been supported, and he also looks at some of the wage effects of this trade imbalance:
Because U.S. exports to China are much more commodity intensive (i.e., comprising products such as grains, steel scrap, and paper scrap) than Chinese imports (99% of which are manufactured products), average wages earned in jobs producing U.S. exports to China paid 4.4% less than the jobs displaced by imports from China. More than one-fourth of U.S. exports to China on a value basis were commodities.
His paper was released with the fine folks over at the Alliance for American Manufacturing.