Bank of America economist Neil Dutta is out with a new report titled: Global Girl Power.
The report looks at the way the economy is evolving, and concludes that the long-term trends are bullish for women.
First Dutta starts by examining the dynamics of the latest cycle, which basically goes like this. Men (the blue line) lost jobs at a much faster clip than women (the red line) did. Men have also recovered sharper than women have. The collapse and rebound of manufacturing explains a lot of this.
But the long-term prognosis for women is quite good.
First Dutta cites this table from the BLS in arguing that the fields of tomorrow are in areas that are likely to be heavily staffed by women.
Photo: Bank of America
But even beyond that, there are other reasons to be bullish on women.
- 60% of all higher ed degrees are awarded to women.
- 58% of Masters degrees go to women.
- The top college major for women is the same top college major for men: business.
And the story isn’t just in the US: The same story is happening in Europe as well.
Now here’s the problematic part. In the emerging world, the trend in the last recession was worse for women during the last recession.
Not only did the unemployment rate for men fall a lot harder during the last decade, the rate of unemployment for women jumped faster between 2007 and 2010.
So BofA’s outlook is tempered somewhat between a high level of optimism in the US and Europe, and more tempered optimism in the developing world.