Men Have Landed 88% of Non-Farm Jobs Created Since Mid-2009
One cringeworthy term has spawned another - the "Mancession" has turned into a "Mancovery".
When the economy crashed in 2008-09 and the national unemployment rate skyrocketed, men felt the pain more than women. The reason? Male dominated industries, such as construction and manufacturing, were particularly hard hit. The implosion of the US housing market and frozen credit markets helped to crush these two industries.
As the economy sagged, the unemployment rate amongst males trended far higher than that of the opposite sex. According to the Labor Department, the unemployment rate for men was 10.6% in June of 2009, far higher than the 8.3% unemployment rate for women. This phenomenon sparked the term "mancession."
Now, over three years later, the economy is finally starting to improve. The manufacturing and construction industries, which were decimated during the darkest days of the economy downturn, are finally springing back to life. And, as you can probably guess, most of the hires in these two industries are males.
According to the Labor Department, the unemployment rate in February for men was 8.3%, while the unemployment rate for women was also 8.3%. Things have quickly evened out, thanks to the resurgence of the two industries listed above.
The Labor Department also notes that 88% of the non-farm jobs that have been created since June of 2009 have been taken by men.
According to Bloomberg, this trend has helped to spark an increase in demand for things such as pickup trucks and suits, as many men are finally starting to earn steady pay checks once again. The "mancession" has turned into a "mancovery". According to Bloomberg's Consumer Comfort Index, 41% of men said in March that the economy was improving, while just 26% of women said they felt the same way.
Men took their lumps during the "Great Recession" - they lost twice as many jobs as women.
3-4 years later, with male dominated industries starting to show signs of life, the unemployment rate for males has dropped considerably.
Source: Businessweek.com - American Men Dominate Job Gains Taking 88% of Spots: Economy
Filed under: The Economic Meltdown