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'If We Had a Panic Button, We’d be Hitting it.' Women Are Exiting the Labor Force En Masse—And That's Bad For Everyone 

 

The United States is in the midst of a crushing economic recession, COVID-19 infection rates are spiking, and thousands of schools and childcare facilities have yet to reopen in-person classrooms. The group bearing the brunt of this torrent of bad news? Women.

Between August and September, 865,000 women dropped out of the labor force, according to a National Women’s Law Center analysis of the Bureau of Labor Statistics September jobs report. In the same time period, just 216,000 men exited the workforce. Meanwhile, one in four women are considering reducing work hours, moving to part-time roles, switching to less demanding jobs, taking leaves of absence from work, or stepping away from the workforce altogether, according to an annual Women in the Workplace study published in September by McKinsey & Co. and Lean In.

“If we had a panic button, we’d be hitting it,” says Rachel Thomas, the CEO of Lean In, a gender equity advocacy group co-founded by Facebook executive Sheryl Sandberg. “We have never seen numbers like these.”

Women’s decisions to exit the labor force this year will likely impact their own professional and financial goals for the rest of their lives. It’s an imprecise comparison, but studies done on students who graduate into a recessions and are then either unemployed or forced to take jobs below their qualification levels lose out on earnings compared to students who finished college amid rosier economic circumstances. The losses amount to about 9% initially, and tend not to fully dissipate until about a decade after graduation day.

'If We Had a Panic Button, We’d be Hitting it.' Women Are Exiting the Labor Force En Masse—And That's Bad For Everyone

Tags: $, Cancelled, Coronavirus, Employment, Environment, Fear, Future, Parental Pride, Parenting, Survival, Woman's Rights, Women In Charge

Filed under: Health/Food

17-Oct-2020


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