The shift from GNP to GDP a few years back put the emphasis on production by labor and property located in the United States rather than production by U.S. entities worldwide.

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The cereal index, which hit its highest level since 2008, was the focus of the report, as the FAO estimated that a tightening market on the back of a weak year for cereal production in 2010 will put additional pressure on prices.

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For smaller, privately held companies, the trend to move production back to the U.S. from China could eventually put some pressure on wages, as more companies compete for skilled workers, McPeak said.

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