The U.S. Economy Has Been Hammered, but Women Are Hurting More So Than Men
COVID-19 has been battering the U.S. economy since cases started multiplying in March. An estimated 20.5 million workers lost their jobs in April alone, driving the unemployment rate up to 14.7% -- the highest figure on record since the U.S. Bureau of Labor Statistics began tracking that data back in 1948. But while Americans on a whole are hurting, women seem to be suffering the most.
Last month, the unemployment rate among women rose to 15.5%. For men, it increased to 13%.
Why the discrepancy? For one thing, women comprise the majority of employees in industries that have been hammered by COVID-19 -- think leisure and hospitality. Not only did numerous jobs in these sectors disappear, but they also aren't conducive to being done remotely. Throw in the fact that women are often charged with stepping up on the child care front as the need arises, and it's easy to see why so many more women lost their paychecks in the past number of weeks.
Source Fool.com
