Show The economy's growing again and we're spending more— but jobs and wages aren't keeping pace t 1 i i low id 16m D or By Lynn Brenner WINTER WINDS DOWN Americans are torn between hope and anxiery: The economy is the job market is laboring under the huge losses of recent years AS grow-mg-b- ut The Good News After a year-lon- g recession the economy began showing signs of re- and has been expanding for the past two years covery in late 2001 National productivity is high inflation is low corporate profits are up and the stock market has rebounded—all signs of economic recovery and expansion More Jobs Needed Experts say economic growth can't be sustained indefinitely without robust job creation and rising wages The nation has lost 23 million jobs since 200 1 Job creation has been weaker than in any economic re covery since 194S: Some 22 of the 9 million Americans out is of work last year were unemployed for six months or longer— the highest level in 20 moderate but healthy 4 this year years Almost 45 million people worked part- time because they couldn't find full-tim- e work Layoffs were 26 higher in January 2004 than in December 2003 Job creation finally picked up last August but mostly in lower-wag- positions And when unemployment figures fell— as they did last December going from 59 to 57— it was only because so many discouraged gave up looking according to US government data job-seeke- rs "There's a lot more stress out than is reflected in the offi- there add the people who have given up e looking and those who work Mark Zandi chief economist at into 2005" says Zandi He predicts that overall job gains in 2004 will average 125000 a month with most of the growth coming in the second half of the year I well Have A Job But jobs no longer confer as Full-tim- e e but by home prices and tax rebates in unemployment experts say we must consistently create at least 200000 jobs a month "I don't see that happening until expected to grow a cial unemployment number" says loans rising full-tim- The economy Spending makes the economy grow and that was true of last year's economic growth as welL But this time spending was fueled not by bigger paychecks low-intere- st e because they can't find jobs 12 of the nation's labor force is unemployed or underemployed "Even that may be an understaTement'' Zandi adds "because it doesn't count those who describe themselves as but really are out of work" To put a real dent Econ-omyco- m Inc a leading indepen- dent economic consultant If you part-tim- much financial security as they once did One in five Americans who finds a new job must settle for a lower record salary— an e Kent Lue expects to be one of them Lue 40 earned $100300 in 2003 as an accounting manager for a Cupertino Calif technology company that all-tim- will soon close its doors In job interviews he finds that his former salary is a drawback with prospective employers "Even if I find a new job soon I don't expect to earn as much" he says Cuts in employee benefits more than SSM What 1 4& People Earn '"I Los Angeles Calif $1 million Bud Seng 69 Baseball commissioner Milwaukee Wis $5 million V9V Carpenter Cuyahoga Falls Ohio $25300 $100000 r' L- - V 'ri t Marlyn Acuram 49 Home-care provider Oahu Hawaii Robin Anderson 49 rx Pete Rose 62 Author Ti im Jean Anhalt 46 Organic fanner NewHolstelnWls $45000 Meg Whitman 47 Rafting guide Moscow Idaho CEO eBay San Jose Calif Rockvllle Md $30000 $800000 $31000 Travis Ferworda 21 Construction worker Jeanine Markt 42 Personal chef SturgisSD $23500 $18500 Artur Olszewski 34 Police officer Lombard III Mlchele Falcone 21 Coffee shop clerk Coram NY Kent Lue 40 Jason Davis 27 Accounting manager Union City Calif Fire Investigator Biloxi Miss $62600 $8000 $100-30- $46000 0 'What People Earn" salary roundup is not a scientific study the photo captions reflect the salary information of the individual participant Additional research and photography coordinated by J Tyler Pappas Creative PARADE'S annua Vim Chuck Boyd 52 PAQB 4 Susan Warren 56 Jewelry sales Iowa City Iowa March 14 2004 PARADE D |