Thaindian News

New York, July 7 (ANI): The global recession has hit men harder than women, so much so that some have even dubbed it the ‘Mancession’, according to statistics.

Figures have revealed that women will have an easier time recovering from the recession than men.

Men have suffered the worst from the downturn and face a much more difficult road to recovery than their female counterparts, according to Newsweek magazine.

“Men are the victims of two thirds of the 11 million jobs lost since the recession began in 2007,” the New York Daily News quoted the mag as saying.

Not only did more men work in the industries most severely impacted by the recession, but their higher salaries made them more vulnerable to cost-cuts and layoffs.

And it is believed that the effects of this downturn will be felt for years to come.”When the economy recovers, five years from now, one in six men who are 25 to 54 will not be working,” said Larry Summers, Obama’s chief economic adviser.

Women in the U.S. are already the “breadwinners or co-breadwinners” in two thirds of their households, and were hired for 75 percent of the 8 million new jobs created in the European Union since 2000, say reports.

As women worldwide begin to see new opportunities for growth, prospects for men are not so bright.

Economists predict that by 2024, the average woman in America - and in several well-off European countries - will make more money than the average man.

And in the 15 sectors where experts predict the most jobs will be created over the next decade, 13 are dominated by women.

Newsweek also noted that studies have shown companies with more women on their boards to be in better shape financially than those with less. (ANI)