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The federal DOL overtime regulations go into effect this year. Are you ready?

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November 11, 2003
Recoup of Job Losses Predicted for 2004
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.

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"While we recognize that jobs are coming back, we remain concerned that 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.


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