women

This recession threatens to wipe out decades of progress for U.S. women

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 — characterized by some economists as the nation’s first female recession — 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 is stark. The September unemployment rate for Black and Hispanic adult women remains above 10%, even though it’s decreased to 6.9% for White women, according to data reported Friday by the Labor Department.

At

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women

The First Female Recession Threatens to Wipe Out Decades of Progress for U.S. Women

(Bloomberg) — 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 — characterized by some economists as the nation’s first female recession — 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.



chart: Uneven Joblessness


© Bloomberg
Uneven Joblessness

The official data are stark. The unemployment rate for Black and Hispanic adult women remains above 10%, even though it’s decreased to 7.3% for White women, according to data from the

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