He explained that in the Great Recession sectors such as manufacturing and construction were seriously affected, in which mostly men operate, but now it is different because it affects the services where women work mostly, it should be noted that to date the service sector , especially the food and beverage preparation, hotel, and leisure sector in Mexico does not operate in its entirety, the capacity is operating at 30% capacity, and has been restricted since March.
“What we have found, and we publish it in our global wealth report, is that the support that governments have provided has stabilized wealth in the countries where it has been activated, we do not know if there is a brand that makes a difference, but we know with certainty that the labor market is not improving rapidly so that women can wait and find the labor market and support, then women will be more negatively affected by COVID in wealth than men, “he said.
Nannette Hechier Fayd’herbe explained to Expansión that in the Great Recession, manufacturing and construction companies where mostly men operate were most affected, while at present the COVID crisis has hit services more. (Photo: Credit Suisse.)
Figures from INEGI indicate that in the service sector, 45% of the staff is female. In August, the Economic Participation Rates of men and women were 72.8% and 38.9%, respectively.
Data from the International Labor Organization (ILO) indicate that 40% of female workers were employed, before the pandemic, in industries destined to be the most affected by COVID.
The results are evident in data from the Organization for Economic Cooperation and Development (OECD) on employment rates in the second quarter of 2020, available for 13 countries, refers to Credit Suisse’s 2020 Global Wealth Report.
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On average, these showed a 7.0% drop in the number of jobs for men, but a 9.5% drop for women in the second quarter of 2020 when the pandemic reached its first peak.
“There are some other notable effects. In 140 countries studied by the World Health Organization (WHO), women constitute 70% of the active population in health and social care, where infection rates have been high. Furthermore, the confinement may have caused more stress for women than for men due to increased household and childcare tasks as schools and restaurants closed and family income declined, ”the document says.