It's A "Man-Cession" in the Lipstick Economy
(CEP News) - It's not a recession, it's a man-cession. And the lipstick economy may have only just begun.The U.S. recession has been a catastrophe for men, but merely a downturn for women. According to Friday's payrolls report, eight out of every 10 pink slips in the past year have gone to men.
Mark Perry, a professor of finance and business economics at the University of Michigan-Flint, has written about the phenomenon.
Update: Over the last year from November 2007 to November 2008, the U.S. economy lost 2.352 million jobs, and 82% of those losses were male jobs (1.932 million) and only 18% female jobs (430,000). Stated differently, for every female job lost, there were 4.5 males jobs lost over the last year. How does that compare to the last two recessions?
1. Between January 2001 and January 2002, there was a loss of 2.076 million jobs, and 57% of those jobs were held by males and 43% by females.
2. Between May 1990 and May 1991, there was a loss of 1.711 million jobs, and 70% were male jobs and 30% female jobs.