As 75% of lost jobs were held by men, women become primary source of income

 

Scream

A weekly round-up of hopeless economy news.

  • So far, 7.5 million jobs have been lost in this recession, and the lion’s share of them — 75 percent — were held by men. Meanwhile, more and more women have had to become their family’s primary source of income. But women still don’t make as much money as men. [NPR]
  • The high unemployment of unmarried women, and particularly the 1.3 million unemployed female heads of household who are primary breadwinners for their families, is devastating to their financial circumstances and standard of living. [American Progress]
  • In all, more than one out of every six workers — 17.5 percent — were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982. [NYT]
  • It hurts more to be unemployed now than the last time the jobless rate hit 10 percent. Americans have more than triple the debt they had in 1982, and less than half the savings. They spend 10 weeks longer off the job. And a bigger share of them have no health insurance, leaving them one medical emergency away from financial ruin. [AP]
  • Unemployment surged from 9.8 percent in September to 10.2 percent last month, its highest level since 1983. At the same time, the economy lost 190,000 more jobs. That means employers have eliminated 7.3 million positions since the recession began in December 2007. [NYT]
  • The official job-loss data also fail to take note of 2.8 million additional jobs needed to absorb new workers who have joined the labor force during the recession. When those missing jobs are added to the official total, the economy comes up short by 10.1 million jobs. [NYT]
  • The country also needs a program that would create jobs for teenagers — ages 16 to 19 — whose unemployment rate is currently a record 27.6 percent. Deep and prolonged unemployment among the young is especially worrisome. It means they do not have a chance, and may never get the chance, to acquire needed skills, permanently hobbling their earnings potential. [NYT]
  • The U.S. unemployment rate may rise to a post-World War II high of 13 percent in the aftermath of the recession, said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto. [Bloomberg]
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2 thoughts on “As 75% of lost jobs were held by men, women become primary source of income

  1. Pingback: Economist Nouriel Roubini says jobs are just not coming back « Ivy Leagued and Unemployed

  2. Pingback: Unemployed men are one apron string away from becoming real housewives « Ivy Leagued and Unemployed

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