Foreclosure in New York City is peaking once again. Despite a booming stock market, the unemployment rate continues to rise. Many of the people out of work are homeowners, and many of them are men. An unfortunate trend for middle-age males shows that more men are unemployed since the 2008 housing-crisis.
Only 71 percent of working-age men are actively looking for work or have found a job. This is a major drop off from the past. After many national disasters, the male population is usually first to bounce back. It is not the case anymore. 2014 will see women hold more jobs than men. The Institute for Women’s Policy Research estimates that over 90 percent of women, who had lost their jobs since the 2008 housing-crisis have found new employment. Measure this number against the male work sector at only 68 percent, and you can see a unique trend in U.S. employment.
Although the male work sector was hit the hardest after the housing market collapse, they were expected to see more opportunity in the wake of the large stimulus granted to the banks by the federal government. [Read more...]