Thursday, October 21, 2010

The Great Mancession Continues Yet Obama Pushes for Economic Security, Jobs for America’s Women

The chart above displays monthly employment levels by gender back to 2002, and the shaded area highlights the job picture from December 2007 (the start of the recession) through September 2010.  As of last month, total U.S. employment is still 6.78 million jobs below the level when the recession started.  Of those jobs lost, 4.66 million, or 68.7% of the total, were jobs held by men, and 2.12 million were jobs lost by women, or 31.3% of all jobs lost.  In other words, for every 100 jobs lost by women since the start of the recession in late 2007, men have lost an astonishing 219 jobs. That's one reason that the last few years are known as "The Great Mancession of 2008-2009."  

The gender differences in unemployment rates during the “Great Mancession” tell a similar story of disproportionate economic hardship for men.  In the chart below, the monthly differences in jobless rates by gender are displayed back to 1948, and illustrate the unprecedented adverse effects on men in recent years.  During the last three recessions (1981-82, 1990-91 and 2001), the male jobless rate also exceeded the female jobless rate, but only by about 1% on average at the peaks.  In contrast, during the most recent recession, the “jobless rate gender gap” reached an historically unprecedented high (in either direction) of 2.7% in favor of women in August 2009 (11% male jobless rate vs. 8.3% female), and has decreased over the last year to 1.9 percent last month (10.5% for men vs. 8.6% for women).  Even at 1.9%, the current jobless rate gap in favor of women is still about twice the maximum jobless rate gaps favoring female workers during the last three recessions, and indicates that the Great Mancession continues.   


Bottom Line: The empirical evidence is clear and undeniable: men suffered much more than women during the Great Mancession and they continue to bear a disproportionate share of the job losses compared to women (by more than 2:1), and remain unemployed at jobless rates that are almost 2 percent higher than female workers. 

And yet, the National Economic Council released a report today (“Jobs and Economic Security for America’s Women”) “on the impact of the recession on women and how the Obama administration’s economic policies benefit American women. The report lays out the economic landscape facing women today and details some of the many ways the administration is committed to making sure the government is working for all Americans especially American women.”

Read more here at The Enterprise Blog.  

5 Comments:

At 10/21/2010 2:32 PM, Blogger Buddy R Pacifico said...

Carpe Diem postings should be part of President Obama's daily briefings.

 
At 10/21/2010 3:58 PM, Blogger PeakTrader said...

Winning election strategy?:

Most women, 90% of blacks, and two-thirds of other minorities.

Of course, the Democrats are competent at defending government and blaming the free market, while the Republicans are incompetent blaming government and defending the free market.

It seems to be just a matter of time before the country becomes like California.

Obama: Republicans Drove the Car into a Ditch
October 20th, 2010

Obama compared the country to a car Republicans drove into a ditch.

“We look up and Republicans are just standing there watching. We say, ‘come on down and help”’ Obama said. “But they just stand there and say ‘you’re not pushing hard enough.”

“Finally, we get the car out of the ditch and the Republicans tap us on the shoulder—they want the car,” Obama continued. “But we tell them you can’t have the keys because you don’t know how to drive.”

“If you want to go forward in a car, you put it in ‘D’; if you want to go backward, you put it in ‘R.’”

“The basis of their campaign is amnesia, but we haven’t got amnesia and we haven’t forgot how we got here.”

My comment: Dependence on government created the moral hazard of "too-big-to-fail." The government drove the car into the ditch, and the car is still in the ditch, because Obama's politicans-lawyers have been trying to help the economists at the Fed pull the car out.

 
At 10/21/2010 5:23 PM, Blogger juandos said...

More silliness from the Business Insider: Let’s Be Real About The Lack Of Women In Tech

 
At 10/22/2010 7:48 AM, Blogger juandos said...

Apparently there are some who want the 'mancession' to continue according to Donald Boudreaux in his letter to the New York Times: Wrenches for Wenches!

 
At 10/22/2010 9:39 AM, Blogger Bjorn Eide said...

Dropped my car at a Toyota dealer this morning. Seems that out of an 8 man service processing crew 3 are now women.

 

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