Women Took a Huge Economic Hit During the Pandemic, Explains Natalia Zubizarreta
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The COVID-19 pandemic was economically devastating on a global scale. The losses are estimated to be in the trillions, and it will take years for the workforce to stabilize. In the United States, for the first time since the Great Depression, women were impacted more than men when it came to lost jobs. In fact, some people are calling the event the Shecession of 2020.
Natalia Zubizarreta explains that from February to May of last year, four industries made up 59% of lost jobs outside the farming or agricultural industries. These were leisure and hospitality, education, health services, and retail. Men comprised just 28% of the workforce, while women made up 47%. As these were the first areas shut down by the pandemic, women lost their jobs in droves.
Women have primarily been associated with childcare, so when schools and daycares closed, countless mothers had to contend with losing jobs and caring for their children. As remote learning took effect, they had to take on the role of teachers. For women who could work from home, they had to be a parent and employee simultaneously. This prompted many women to reduce their hours or even leave the workforce. As recovery efforts are slowly underway, it is being discovered that the longer one is out of the labor market, the longer it takes to find a job.
Per Natalia Zubizarreta, the impact on women’s long-term earning potential could take decades to return to pre-pandemic levels. Women’s unemployment rates are 2.9% higher than men’s, and their return to the workforce is at 20% below pre-pandemic levels, whereas men are only 9% down. Then, there is the 2% gap between mothers and women without children, creating another disparity.
Estimates reveal that since the beginning of the pandemic, women are down by 5.1 million jobs. Natalia comments that while achieving a work-life balance was difficult enough before the pandemic, women have gone from an uphill battle to climbing a mountain to find it.
The COVID-19 pandemic was economically devastating on a global scale. The losses are estimated to be in the trillions, and it will take years for the workforce to stabilize. In the United States, for the first time since the Great Depression, women were impacted more than men when it came to lost jobs. In fact, some people are calling the event the Shecession of 2020.
Natalia Zubizarreta explains that from February to May of last year, four industries made up 59% of lost jobs outside the farming or agricultural industries. These were leisure and hospitality, education, health services, and retail. Men comprised just 28% of the workforce, while women made up 47%. As these were the first areas shut down by the pandemic, women lost their jobs in droves.
Women have primarily been associated with childcare, so when schools and daycares closed, countless mothers had to contend with losing jobs and caring for their children. As remote learning took effect, they had to take on the role of teachers. For women who could work from home, they had to be a parent and employee simultaneously. This prompted many women to reduce their hours or even leave the workforce. As recovery efforts are slowly underway, it is being discovered that the longer one is out of the labor market, the longer it takes to find a job.
Per Natalia Zubizarreta, the impact on women’s long-term earning potential could take decades to return to pre-pandemic levels. Women’s unemployment rates are 2.9% higher than men’s, and their return to the workforce is at 20% below pre-pandemic levels, whereas men are only 9% down. Then, there is the 2% gap between mothers and women without children, creating another disparity.
Estimates reveal that since the beginning of the pandemic, women are down by 5.1 million jobs. Natalia comments that while achieving a work-life balance was difficult enough before the pandemic, women have gone from an uphill battle to climbing a mountain to find it.
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