The recession has been particularly hard on men. The latest data from the Bureau of Labor Statistics show that the number of unemployed men aged 20 and older has doubled in the last year alone, increasing from 3.7 million in May 2008 to 7.5 million last month, according to outplacement firm Challenger, Gray & Christmas Inc.
The ranks of unemployed women have also grown during that time, but not nearly as fast. Last month, the BLS counted about 5.6 million out-of-work women aged 20 and over, up from 3.6 million in May 2008.
“Some have dubbed this recession the ‘man-cession’ because of the heavy impact that the downturn has had on construction, manufacturing and financial services; industries heavily occupied by men,” says John Challenger, chief executive officer of Challenger, Gray & Christmas.
“Meanwhile, health care and education, sectors dominated by women, are doing relatively better,” he says.
Very Simple: High Unemployment = Bad RE market
