Mayors Also See Economic Rebound Looming

As states forecast the worst fiscal crisis in half a century may be ending, the nation's mayors, too, see marked economic improvement on the horizon, according to a report released last Thursday by the U.S. Conference of Mayors. However, they remain concerned that the economy is still not generating jobs at a sufficient level for U.S. workers.

The organization's second annual Metro Economies Report shows the metro job market shrunk by 1 percent in 2002, evidence of the beginning of a jobless economic recovery, it fears. However, U.S. metros will grow 2.1 percent in 2003 and a projected 3.4 percent in 2004, the report estimates.

The report contains data on each of the nation's 319 metro areas, including 2002 and 2003 employment growth figures. In total, U.S. metro economies grew by only 1.8 percent after inflation in 2002, while the national economy grew at a 2.4 percent rate.

"We are hopeful that the early signs of economic recovery in our metro areas will gain momentum into next year, and our report gives us reason for optimism," said new Conference President, Mayor James Garner of Hempstead, New York. "But jobs are still a concern for us, we still have anemic job growth that we are watching very closely."

The complete report is available online at: http://www.usmayors.org