Women Will Rule the World [View All]

[Beacool]

Men were the main victims of the recession. The recovery will be female.


Rajni Bector, 67, a food specialist and one of the first female entrepreneurs in Ludhiana, Punjab India.

When historians write about the great recession of 2007–08, they may very well have a new name for it: the Mancession. It’s a term already being bandied about in the popular media as business writers chronicle the sad tales of the main victims of the recession: men. They were disproportionately represented in the industries hit hardest during the downturn, including financial services, manufacturing, and construction, and their higher salaries often put them first in the line of fire. Men are the victims of two thirds of the 11 million jobs lost since the recession began in 2007; in August 2009, when U.S. male unemployment stood at 11 percent (versus 8.3 for women), it was the largest unemployment gender gap in the postwar era. Those numbers have improved, a bit—new unemployment figures show men at 9.9 percent and women at 7.8—but not enough to stop Larry Summers, the president’s top economic adviser, from speculating recently, that “when the economy recovers, five years from now, one in six men who are 25 to 54 will not be working.”

If they are lucky, they’ll have wives who can take care of them. American women are already the breadwinners or co-breadwinners in two thirds of American households; in the European Union, women filled 75 percent of the 8 million new jobs created since 2000. Even with the pay gap factored into the equation, economists predict that by 2024, the average woman in the U.S. and a number of rich European countries will outearn the average man. And she’ll be spending that money: as a new book on female economic power, Influence, points out, American women are responsible for 83 percent of all consumer purchases; they hold 89 percent of U.S. bank accounts, 51 percent of all personal wealth, and are worth more than $5 trillion in consumer spending power—larger than the entire Japanese economy. On a global level, women are the biggest emerging market in the history of the planet—more than twice the size of India and China combined. It’s a seismic change, and by all indications it will continue: of the 15 job categories expected to grow the most in the next decade, all but two are filled primarily by women.

http://www.newsweek.com/2010/07/06/women-will-rule-the-world.html

That's great for us gals, but what about the guys?

:o