Economics UnboundMale Unemployment Rates At Or Near Post-War Highs
Posted by: Michael Mandel on May 08

Overall, this morning’s labor report was not fun reading. Overall, the unemployment rate rose to 8.9%, and the number of jobs dropped by 539K. Manufacturing jobs dropped by 149K, somewhat slower than the previous 2 months but still harsh.

But the real news is that in every age group, the male unemployment rate is at or near the post-war high. For example, the unemployment rate for men 55 years and older is 6.7%. That matches the post-war high of 6.7% set in 1949! Yowza!

Another example is the crucial 45-54-year-old age group (crucial because I am in it, natch). For males, the unemployment rate of 7.1% over the past two months exceeds the previous record of 7% set in 1983. No wonder things feel tough….for men, the labor market pain is now into uncharted territory.

http://www.businessweek.com/the_thread/economicsunbound/archives/2009/05...

By contrast, the unemployment rate for women in most age groups is well shy of post-war highs. For example, in the 25-34 year old age group, women have an unemployment rate of 7.9%, compared to a postwar record of 10.3%. In other words, for women this is a bad recession, but nowhere near the worst.

The difference in the pain being absorbed by men and women is astonishing, and may have long-term social and political implications.

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