hair care company farouk, assembling hair dryers and curling irons in houston instead of asia. 1,200 jobs. why now? with waging rising rapidly in china, and chinese workers about a third as productive as americans, u.s. labor is becoming more and more competitive with china's. >> it's becoming a lot more economic to produce in the united states for consumption in the united states. >> reporter: and here's more good news. one study has shown that by 2015, production costs in the u.s. and china, incredibly, will be about the same for many products, which means more companies will be bringing more of these jobs home. george? >> okay, jim, thank you. >>> and jobs, the economy and a looming debt crisis were the big topics today at president obama's first news conference since march. the president warned that failure to raise america's debt limit by the august 2nd deadline could cost americans jobs. >> if the united states governmentntfor the first time, cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant. and unpredictable. all the head win