Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

More than a quarter of women in a survey of over 40,000 say they are considering downshifting their careers or leaving the workforce entirely, as the coronavirus pandemic has intensified challenges many already faced at work, a study by McKinsey & Company and Lean In shows.

Why it matters: It's an "emergency for corporate America," the report, which covers the U.S. and Canada, said. The pandemic's disproportionate impact on women threatens to erode years of progress in representation in the workforce, while widening the gender pay gap.

The big picture: This is the first time in the six years of analyzing the issue that McKinsey has seen signs of women exiting the workforce at higher rates than men, the firm wrote.

  • "If these women feel forced to leave the workforce, we’ll end up with far fewer women in leadership — and far fewer women on track to be future leaders. All the progress we’ve seen over the past six years would be erased," the report states.
  • It's especially of concern, McKinsey notes, because the firm's research indicates that companies in which women are well-represented in leadership are 50% more likely to outperform their peers.

The issue is more pronounced with mothers, for whom research shows the pandemic has taken an even heavier toll. Mothers are more than three times as likely as fathers to be responsible for the majority of housework and caregiving, according to the study.

  • They’re 1.5 times more likely than fathers to spend an extra three hours per day or more on housework and childcare — amounting to 20 hours a week, or half a full-time job.
  • 76% of mothers with children under age 10 say childcare has been among their top three challenges during the pandemic, compared with 54% of fathers.

Zoom in: The research indicates Latina and Black mothers — who are more likely to be their family's only breadwinners or to have partners working outside the home during the pandemic — face a greater burden than their white counterparts.

  • Latina moms are 1.6 times more likely to be responsible for all childcare and housework, while Black moms are twice as likely.

These burdens are compounded by the fact that "[m]others also face persistent bias in the workplace," McKinsey writes.

  • "There’s a false perception that mothers can’t be truly invested in both family and work, and are therefore less committed than fathers and women without children."

Yes, but: Companies say they are more committed to gender diversity than they were in 2015, the first year the study was conducted.

  • "That commitment is more important than ever right now. If companies rise to the moment with bold action, they can protect hard-won gains in gender diversity and lay the foundation for a better workplace long after Covid-19 is behind us," the report states.

More than 40,000 employees and 317 companies participated in the study.

Our thought bubble via Axios' Dion Rabouin: This report is particularly worrisome because women's representation in the labor force has been trending backwards since 2000 and has still not recovered from its drop after the 2008 Great Recession. In August, women's labor force participation rate was the lowest it has been since the late 1980s.

Go deeper

Felix Salmon, author of Capital
Dec 16, 2020 - Economy & Business

Women's unemployment crisis revealed

Data: LISEP; Chart: Danielle Alberti/Axios

The true unemployment rate for women isn't going down, as official statistics suggest. In fact, it's going up — at least according to the most recent analysis of official data from LISEP, the Ludwig Institute for Shared Economic Prosperity.

By the numbers: The LISEP definition of "true unemployment" includes anybody who's looking for a full-time job paying a living wage, but who hasn't been able to find one. By that metric, 30.9% of American women were unemployed in November — an increase of 0.5% from the October figure.

Dec 16, 2020 - Economy & Business

A year of monumental change in the workplace

Illustration: Annelise Capossela/Axios

In less than a year, the pandemic shot us more than a decade ahead in the workplace transformation.

The big picture: The pandemic's acceleration of telecommuting has changed much more than the way we attend meetings. We'll see lasting impacts on company culture, the job market, demographics and cities.

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.