The workforce participation of women has surpassed pre-pandemic levels globally, marking a significant resurgence post-COVID. This trend is crucial as it positively impacts the economy, especially in a tight labor market, and brings various benefits to women.
Notably, labor force participation rates among working-age women have exceeded pre-pandemic levels in several regions, while rates for men have not increased at the same pace. Tighter labor markets and the adoption of remote work and hybrid schedules have contributed to this trend, offering more flexibility for women managing caregiving responsibilities. However, it's important to note that men still have higher workforce participation rates in every country studied by Moody's, partially due to women's unpaid caregiving roles not being fully reflected in official government data.
In the United States, the participation rate of women is lower compared to peer countries, largely due to the lack of affordable childcare options and paid parental and family leave. Potential challenges lie ahead, particularly in the U.S., where rising childcare costs may affect women's workforce participation. Overall, this Women's History Month celebrates the substantial strides made by women in the workforce, with a need to remain vigilant about potential challenges and barriers.