Women hit financial crisis stronger

According to an analysis, women are more affected by the financial crisis than men. Inequality in the labor market is again increasing significantly.

12/12/2012

The global financial crisis hits women far more severely. This is reported by the International Labor Organization (ILO) of the UN. Women are more likely to be affected by crisis-related unemployment than men. „The gap between the sexes in the labor market has thereby become even greater“, the authors write in the report „Global Employment Trends for Women 2012“ the organization.

Financial crisis led to slump in the labor market
By 2007, gender gaps in the labor market had been steadily shrinking. That applied to the employment rate and the unemployment rate. It was precisely this positive development that was clearly reversed again at the beginning of the economic and financial crisis. The negative trend, the researchers were able to identify especially in the western industrialized nations. „Between 2002 and 2007, the average unemployment rate for women was 5.8 percent and for men 5.3 percent“, it says in the report. The trend reversal is clearly visible in 2012: the female unemployment rate currently stands at 6.4 percent, compared to 5.7 percent for men.

Before the crisis, increase in employment levels
„Even before the crisis, women's employment increased by 1.8 percent per year.“ For men, the annual employment rate increased by 1.6 percent. Meanwhile, the increase has dropped sharply to 0.1 percent and is well below the increase in employment among men. In addition, women are more affected by part-time work. Women would have to give up their jobs faster than men because of caring for relatives or raising children. Still, a sufficient child care is not guaranteed. (Fp)