Who runs the job market today?
Up to 40 or 50 years ago, the job market was mainly a man’s world, with more than half of women out of the workforce.
A U.S. Census Bureau analysis though has shown that, in recent years, this reality has radically changed.
First of all, close to 60 percent of all college students are women. So, as more young women obtain college degrees and join the workforce, they edge out millennial men for better-paying jobs.
Also, many young men have been forced into lower level jobs, despite having college educations, because of the rising cost of living and the student debt. While this problem affects both sexes, the analysis showed that men “are being hit particularly hard” and are forced to take fixed-term contracts or part-time jobs.
During the past decades, the average income of young women increased from $23,000 to $29,000 today, while the average income for men levelled off or began to fall. The share of young women who earned $60,000 a year rose from about two percent to thirteen percent; a sizeable change.
Moreover, many jobs are being lost to automation or are being shipped overseas and this is one of the reasons why many millennials can hardly find a job. At the same time though, some of the fastest-growing job sectors, such as health care, are being largely dominated by women.
Ultimately, the Census Bureau analysis revealed that the major reason behind the shift in income between young men and women has been largely the rise of young women in the workforce with higher-level education.