Tuesday, July 6, 2010

The economic recovery is mostly female

Here is some positive news for the average american woman as reported by Newsweek Magazine:

"When historians write about the great recession of 2007–08, they may very well have a new name for it: the Mancession. It’s a term already being bandied about in the popular media as business writers chronicle the sad tales of the main victims of the recession: men. They were disproportionately represented in the industries hit hardest during the downturn, including financial services, manufacturing, and construction, and their higher salaries often put them first in the line of fire. Men are the victims of two thirds of the 11 million jobs lost since the recession began in 2007; in August 2009, when U.S. male unemployment stood at 11 percent (versus 8.3 for women), it was the largest unemployment gender gap in the postwar era...


American women are already the breadwinners or co-breadwinners in two thirds of American households; in the European Union, women filled 75 percent of the 8 million new jobs created since 2000. Even with the pay gap factored into the equation, economists predict that by 2024, the average woman in the U.S. and a number of rich European countries will outearn the average man." ...(Cont.)...