Mancession Gives Way To He-covery

Man-cession now Man-covery

The recession, which primarily thinned the ranks of men over the last 5 years, may have perhaps given way to a “he-covery.”  The man-cession, as it was dubbed by many, saw employment among men plummet by more than 4.8 million between November 2007 and June 2009, due to massive job losses in male-dominated industries such as construction, manufacturing and financial services.  In contrast, the number of employed women fell by 1.8 million during the same period.  Now, with the economy on the slow road to recovery, men’s fortunes appear to be improving.  Of the net 2.4 million newly created jobs since the June 2009, men have landed 74.7 percent of those.

In the last year, unemployment has dropped from 9.7% to 8.4% for men, but for women, the drop in unemployment has been much less dramatic: 8.5% to 8.0%.  Industries heavily dominated by women are continuing to cut jobs, such as government, where women represent 56.7 percent of the 19.68 million Americans employed in the sector.  At the local government level, where downsizing in the education area has been the heaviest, women now account for just 58.7 percent of the workforce. In June 2009, women accounted for 60.4% of workers in local government.  Still, while women have not fared as well during the three year recovery, things are not all bad. Women have gained 1.58 million jobs since June 2011, while men have gained 1.49 million in the last year. What factors are driving the improvements in male employment? What is the employment outlook for men going forward?  Can women expect an increase in unemployment?  What industries can women find the best employment? 

Source: Challenger, Gray & Christmas, Inc. with data provided by the U.S. Bureau of Labor Statistics

 

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