Mancession Over. The mancession is officially over, according to the National Bureau of Economic Research. They claim the recession’s official timeframe was between December 2007 and June 2009.
During that time, the U.S. economy largely shed jobs from male-dominated industries: construction, manufacturing and production. Hence, the term “mancession.”
But in recent months, men are flourishing in the job market. In February, the unemployment rate for men was 7.8 percent while the overall unemployment rate is 8.9 percent.
The unemployment rate for men 20 years and over has fallen to 8.7 percent from 10 percent in February of 2010. For women of the same age, the unemployment rate has hovered around 8 percent over the same period.
“You have a situation now where the sectors that traditionally employ men have stopped losing jobs and are actually adding them,” said economist Dean Baker. “So there’s been a reversal. Men really took a very big hit in the first phase of the downturn. But for now it seems that the sectors that are gaining jobs most rapidly are the areas that are employing men.”
In February, economic activity in the manufacturing sector expanded for the fifteenth consecutive month, according to the Institute for Supply Management’s monthly Report on Business, released this week.
“Manufacturing appears to be red hot,” said Ryan Sweet, an economist at Moody’s Analytics.
In February, the private sector added 222,000 jobs. Of these gains, 152,000 were in private service-providing industries and 70,000 were in goods-producing industries.
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