A weakening currency traditionally helps a country raise its exports and create more jobs for its workers. But the declining value of the dollar may not help the United States increase economic growth as much as it might have in the past. Though a weakened dollar would help exports to some degree, business executives and economists said that because of the ways American multinational companies operated, it was uncertain whether it would cause much of an increase in hiring. The issue is crucial for President Obama, who made economic growth and job creation the main themes of his recent 10-day trip to Asia. He has also held out the prospect that a surge in exports would reduce the nation’s stubborn unemployment rate, currently 9.6 percent. Other world leaders have complained that American policies, especially the monetary easing the Federal Reserve announced this month, will depress the dollar and give American exporters an unfair advantage. Mr. Obama and Treasury Secretary Timothy F. Geithner have repeatedly defended the central bank’s action as a move designed to encourage American businesses to borrow, invest and hire rather than one specifically aimed at lowering the value of the dollar. But even if the Fed’s action does end up weakening the dollar, American workers may not benefit much. For one, many big American manufacturers, from General Motors to General Electric, often make goods in the countries where they are sold rather than shipping the products abroad. This effectively takes exchange rates out of the equation, since they are using only one currency.

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