In October, Harvard professor, Claudia Goldin, won the Nobel Memorial Prize in Economic Sciences for her research on female employment and contributions to understanding women’s progress in the workforce, including pay gaps. After receiving the recognition, Dr. Goldin emphasized the importance of long-term change related to women in the workforce and, more precisely, income inequality.
Relatedly, recent data from Bank of America Institute indicates that there was a “decline in prime-age female [labor force participation rate]” in September 2023, offset by an increase in male participation. This goes against a years’ long trend of increasing female participation. More specifically, the Institute stated: “One possibility is that a lack of affordable childcare is driving women to leave or not enter the labor market, given that childcare responsibilities have traditionally fallen more on mothers.”
Business Takeaway: The significance of Dr. Goldin’s research has been recognized for decades. The recent Bank of America Institute data suggest it is as relevant as ever.