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Response to progree (Reply #20)

Sat Oct 3, 2020, 08:31 AM

21. I read a similar article a few days ago republished in the Philly Inquirer (from Bloomberg)

The first female recession threatens to wipe out decades of progress for U.S. women

by Olivia Rockeman, Reade Pickert and Catarina Saraiva, Bloomberg News, Posted: October 1, 2020


Women helped pull the U.S. economy out of the last recession. This time around, they are falling behind. The pandemic is disproportionately affecting women and threatening to wipe out decades of their economic progress. As the crisis drags on, some of the biggest pain points are among women of color and those with young children.

These setbacks ó characterized by some economists as the nationís first female recession ó stand in sharp contrast to the dramatic progress women made in the expansion following the last financial crisis. The jobs, income and promotions that women lose as a result of the coronavirus could hold back economic growth and sideline an entire generation of women.

The official data are stark. The unemployment rate for Black and Hispanic adult women remains above 10%, even though itís decreased to 7.3% for white women, according to data from the Labor Department. At the same time, women between the ages of 25 and 54 ó also known as prime-age ó are increasingly dropping out of the workforce, often to care for children. The participation gap between men and women in this age group is now widening after shrinking to the narrowest ever right before the virus.

[snip]

This time around, women are increasingly dropping out of the labor market altogether as more women are losing or quitting their jobs "because they realize that children come first," San Francisco Fed President Mary Daly said in a virtual webinar earlier this month. Nearly seven million Americans arenít employed because they have to take care of children, according to a census survey earlier this month. Since women earn less than men, on average, itís often the mother who steps back. Women lose valuable skills during the time they arenít working, which can make finding a job in the future harder and damage family finances, according to Center for American Progress analyst Malik.


https://www.inquirer.com/business/women-unemployment-pandemic-jobs-loss-economy-20201001.html

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LineLineReply I read a similar article a few days ago republished in the Philly Inquirer (from Bloomberg)
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