What term describes the movement of American jobs overseas?

The term that best describes the movement of American jobs overseas is offshoring. Offshoring specifically refers to relocating a business operation from one country to another, typically to take advantage of lower labor costs or to have operations closer to specific markets. In this context, when American companies move their job functions, such as manufacturing or customer support, to other countries, they are engaging in offshoring.

Outsourcing, while related, generally refers to the practice of hiring external firms to handle particular business functions—this can occur domestically or internationally. Insourcing indicates bringing business operations back into a company instead of relying on external providers. Globalization encompasses broader economic integration across countries but does not specifically focus on the movement of jobs overseas. Therefore, offshoring is the precise term for the scenario described in the question.