The Unemployment Crisis Is Hurting Women More Than Men

Sourced from https://www.thesimpledollar.com/make-money/2020-unemployment-rates-women-worst-than-men/

In late 2019, a headline in The Hill trumpeted the fact that women made up the majority of the workforce.

What a difference a little more than six months makes. A recent LaborIQ analysis conducted by ThinkWhy noted that, according to the Bureau of Labor Statistics May 2020 numbers, women’s unemployment rate stood at 14.3% versus 11.9% for men.

Why? The COVID-19 pandemic has driven many women out of the workforce through layoffs, furloughs and voluntary departure due to child care duties at home. The headlines have gone from women as a workforce majority power to women who are losing workforce gains.

The question is whether the current scenario is an economic blip or a potentially long-term problem. “There are so many pandemic-related factors contributing to unemployment this time around that weren’t the case during the Great Recession, and women are the ones picking up the slack,” said Nikki Silvestri, a senior advisor at investment advis… Read More

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