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Long wait for jobless used to big salaries may be nearing end

Unemployment rates are slowly falling, and the economy is beginning to grow again.

But for one particularly hard-hit segment of the unemployed — former high-income workers — finding another job is a struggle between balancing their own expectations and overcoming the prejudices of potential employers who view their former salaries as an obstacle.

"There are 4.6 unemployed workers for every job opening in the country right now, and we know that employers are getting a slew of applicants for every position, so they can be very picky," said Heidi Shierholz, an economist with the Economic Policy Institute in Washington.

"Older workers, once they get laid off, they're much more likely to get stuck in unemployment. They have spent a long time developing a certain set of experiences and wage needs, and when you're in an economy where jobs aren't plentiful, it's hard to find jobs that meet those needs."

Workers in high-paying sectors such as finance and technology lost their jobs at a faster pace in this last recession than did those in lower-paying industries, according to the U.S. Bureau of Labor Statistics.

Large numbers of engineers, executives, sales representatives and others whose six-figure salaries were stripped away in 2008 and 2009 are struggling not only to live, but also to recapture some piece of those former lifestyles.

A study by the Mergis Group, a Fort Lauderdale recruiting company that specializes in professional and executive-level positions, found that the confidence level among employed accounting and finance workers about their own job security had reached its highest level in three years.

"The report illustrates that workers' confidence in the economy and job market have dimmed. Conversely, workers are now indicating greater confidence in the future of their current employers and in their ability to find a new job," said Brendan Courtney, president of the Mergis Group.

Economists say that although the employment picture looks bleak now, there are strong indications that companies are beginning to hire again.

"Job growth has already started to mend," said economist Ken Mayland, president of Clearview Economics LLC in Cleveland.

Mayland likened the recovery to that after the recession of 1990-91, when job growth lagged significantly for more than a year before accelerating substantially in 1993. The swings are even more substantial for high-income workers, he said.

"Going into the most recent recession, you saw a bigger decline in high-paying jobs, and now coming out of this recession, consistent with our history, we are starting to see the faster growth of high-paying jobs," Mayland said.

Long wait for jobless used to big salaries may be nearing end 12/24/10 [Last modified: Monday, November 7, 2011 1:44pm]
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