A recent report from Bank of America titled "What’s the power of a woman’s wallet?" released on January 23, 2025, underscores the significant influence women have in the U.S. economy. Over the past six years, women's discretionary spending growth has consistently outpaced that of men, highlighting a shift in economic dynamics [03a3bd8e]. As of 2023, women earned an average of $1,005 weekly, which is 83.6% of men's average weekly earnings of $1,202 [5a81be99]. This increase in earnings is attributed to higher labor force participation and educational attainment among women, which has allowed them to secure better-paying jobs [03a3bd8e].
The report notes that employment in 'women-intensive' sectors, such as social services and health services, has grown at a rate of 5.5% as of September 2024, surpassing the national average [03a3bd8e]. Despite the progress, the gender wage gap remains a concern, with women still earning only 83 cents for every dollar earned by men, a decrease from 84 cents in 2022, as reported by the U.S. Census Bureau [4a476d6d].
Interestingly, women who change jobs have experienced higher pay increases compared to their male counterparts since 2019, suggesting that job mobility may be a strategic avenue for women to narrow the wage gap [5a81be99]. However, the pandemic has disproportionately impacted women's employment, particularly in low-wage industries, contributing to the widening wage gap [4a476d6d].
The report emphasizes the need for continued support for women's economic participation to unlock their full potential. Political divisions have hindered effective policy solutions aimed at addressing the structural issues contributing to the wage gap, with significant opposition to the Paycheck Fairness Act [4a476d6d]. As Australia implements measures to tackle gender pay disparities, the widening gender wage gap in the U.S. serves as a reminder of the ongoing challenges women face in achieving pay equity globally [1bb96eef][4a476d6d][8733a15b].