Pipeline Equity CEO Katica Roy discusses unemployment, women and communities of color in the workforce, the gender pay gap, and the impact of the Roe v. Wade decision. Roy joined Yahoo Finance live on July 7, 2022.
KATICA ROY: The real concern that we have is that today's unemployment claims were the highest that they've been since January. We also have seen a softening of the jobs market, particularly for Black women and Latinas last month.
And that is on the heels of the jobs report tomorrow that we expect to be the worst since December 2020.
From 1970 to 2016, women actually added $2 trillion to the US economy through their increased labor force participation. We lost almost all of that progress during the pandemic.
Now, we have recovered some of it. However, if you look as of the last jobs report, there are still 600,000 women missing from the labor force. And they are still at almost 3/4 of a million jobs deficit since the beginning of the pandemic.
We already have a $512 billion deficit in terms of women's earnings. We are slated to add another 102 billion because of the overturning of Roe v Wade.
We often talk about equity as an issue just for women or women of color, but in actual fact, we could add over $3.1 trillion to the US economy if we invested in equity. And that doesn't just impact women, it impacts everybody.