In 2004, the U.S. economy will recoup the more than 2.3 million jobs lost between
2001 and 2003, according to a report released by the U.S. Conference of Mayors.
However, the report found that the jobs will have lower wages than the jobs lost during the economic downturn.For a Limited Time receive a
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we're gaining back lower paying jobs," says Kwame M. Kilpatrick, mayor
of Detroit. "Contrary to popular belief, it is not the economy of the 50
states that drives the national economy. It is the 319 metro economies--made
up of cities--that are the strength of this nation. As mayors, the issue of
lower wage jobs is something we must analyze, because in the long run, wages
determine a person's ability to buy a home, pay credit card bills, college tuition,
and child care."
The report predicts that the average wage of new jobs created during the 2004-2005
period will be $35,855, which is significantly lower than the $43,629 average
wage of those jobs lost between 2001 and 2003, resulting in a wage gap of 18
percent.
While most of the the job losses between 2001 and 2003 were in manufacturing,
most of the predicted gains will be in the sectors of administration and support,
health care and social assistance, and accommodations and food, according to
the report.
Global Insight, Inc. conducted the study for the conference.