An analysis released today by the Institute for Women's Policy Research (IWPR) shows that women are still almost 40 years from reaching pay equity with men if trends continue at the current pace. Each year the wage gap persists, women fall further behind men in overall earnings and ability to build assets and wealth with a cumulative effect each year in which earnings differences continue.
The rate of progress toward closing the gender pay gap did not increase in 2019. If the pace of change in the annual earnings ratio continues at the same rate as it has since 1960, it will take another 39 years, until 2059, for men and women to reach parity.1 This projection for equal pay has remained unchanged for the past four years.
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In the United States, women now make up more than 50 percent of the workforce, reflecting growth in health care, education, and service sectors over the last decade. The decline of the wages and real earnings of all workers over time coupled with the rise in cost of living expenses, such as housing, means that the income and earnings of women are critical to the overall economic security and wellbeing of families.
The large majority of mothers in the United States are in the labor force making their economic contribution vital for their families’ economic security. One in two of the over 30 million families with children under 18 in the United States have a breadwinner mother, who is either a single mother, irrespective of earnings, or a married mother contributing at least 40 percent of the couple’s joint earnings;
The gender wage gap in weekly earnings for full-time workers in the United States narrowed marginally between 2018 and 2019. In 2019, the ratio of women’s to men’s median weekly full-time earnings was 81.5 percent, an increase of 0.4 percent since 2018, when the ratio was 81.1 percent, leaving a wage gap of 18.5 percent, compared with 18.9 percent in 2018.
Women have made considerable progress in increasing their representation among business owners in recent years. The number of women-owned businesses increased in almost every industry between 2002 and 2012, at rates higher than those of men-owned businesses.
Source: IWPR analysis of data from P-38 Historical Income [...]
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