Who’s Getting Hit Hardest by the Recession?

There are few people in the nation today not feeling the effects of the recession in some form or another.  But there are certainly groups feeling it more than others.  We’ve seen differing unemployment rates in differing parts of the country.  But what about age, gender and race?

Economists say women are fairing a little better than men this time around.  More than 80 percent of the job cuts during this downturn have hit men.  More men work in fields that are getting hammered (think: construction).  Women make up a bigger share of workers in industries such as health care and education which are proving somewhat immune to these rough times.

Younger workers are in trouble.  It is exactly the opposite of the recession of the early 2000′s when younger workers survived while older workers took a bigger hit.  For ages 25 to 34, the unemployment rate now stands at around 8 percent.  For those 55 and up its only around 5 percent.  It seems union protections on seniority as well as a desire to hold onto experienced workers is playing a role.

People with college degrees are feeling it.  Here are some numbers from an Associated Press piece:  "Nearly 15 percent of the unemployed have a college degree, up from 13.8 percent in January 2003 and 9.7 percent in January 1993 — another year when unemployment peaked after a recession that ended two years earlier."

And Blacks versus whites?  The unemployment rate in January for whites was 6.9 percent.  For blacks it was a staggering 12.6 percent  unemployed.

So, while everyone is feeling it, some are clearing feeling it more than others.