The recovery needs to man up already.
Women have regained all the jobs they lost during the
financial crisis, but men are still lagging behind.
After losing more than 6 million jobs, men have gained only
about 70% of them back, according to the Bureau of Labor Statistics.
So what's the hold-up?
First, men lost more jobs than women to begin with, so they
have more ground to gain back.
Meanwhile, most of the missing jobs come from just two
male-dominated industries: construction and manufacturing.
They're barely recovering, whereas sectors populated with a
lot more women -- like education, leisure, hospitality and health care --have
all been growing more rapidly.
Where have all the good men gone?
Construction workers were the single hardest hit group in
the recession, accounting for nearly a quarter of all job losses in the
economy. In 2010, their unemployment rate surged to 25%.
Now, it's much lower -- around 9%, but it's not because
construction workers are getting jobs. Roughly 1 million of them appear to have
either switched industries or dropped out of the labor force altogether,
according to BLS.
"Unemployed construction workers have left the
industry, either to go back to school, retire or maybe leave the country.
They're no longer sitting at home waiting for a contractor to call them,"
said Ken Simonson, chief economist for Associated General Contractors.
He calls them the "1 million missing men."
Manufacturing has a similar problem. After years of a hiring
drought, factories are slowly starting to bring some jobs back, but they're
also complaining that they can't find enough skilled workers.
That's strange, considering the sector cut more than 2
million jobs since 2007. Why aren't all these unemployed factory workers
jumping at the chance to work again?
Related: 10 hard-to-fill jobs
As the industry has become more technologically advanced,
the main skill sets have changed, said Chad Moutray, chief economist for the
National Association of Manufacturers.
"The people who are being hired are not necessarily the
same people who were let go during the recession," he said.
The good news is, the job losses have largely stopped in
both industries. The bad news is, no one expects these positions to come back
anytime soon.
"The construction industry would love to be operating
at the same level as 2007 or 2006, but it's going to be extremely difficult to
get back there," Simonson said. He predicts the industry will add back
about 200,000 to 300,000 jobs in the next year.
At that rate, it will take at least six more years to get
back to the industry's 2006 peak for jobs.
Similarly, economists don't expect manufacturing jobs to
return to pre-recession levels until 2020, or even later.
And forget about ever getting back to the heyday for factory
jobs in the 1980s. Back then, manufacturing accounted for about 20% of all jobs
in the country. Now it accounts for less than 9%.
Source: Money.CNN.com
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