*Names in bold indicate Presenter
The multi-level structural equation models with a repeated cross-sectional data from the Central Personnel Data File (CPDF) and Federal Human Capital Survey (FHCS) over 2006, 2008, 2010, and 2011 show indirect results as follow: 1) Job satisfaction is positively affected by wage level and its impact is increasing in recession times, 2) Job satisfaction is negatively affected by Race Diversity and its impact is decreasing in recession times, 3) Turnover Intention’s absolute magnitude is decreasing in recession times, 4) After controlling wage compensation, the diversity management (DM)’s moderating effects disappear, and 5) Job satisfaction works as a mediator for the relationship in the Turnover Intention and diversity variables. These results imply that diversity management and wage compensation in public policies or programs may have different effects according to economic fluctuations.