Lipstick Ghetto: The New Label For Corporate America?

    AKRON, OH, July 25, 2009 /24-7PressRelease/ -- According the Joint Economic Committee's recently released report, "Women in the Recession: Working Mothers Face High Rates of Unemployment," the current recession has resulted in more working women receiving pink slips. But for Stacey Smith, leaving her job as an administrative assistant was the best decision she's made in a long time. "It's time for women to start harnessing their power and develop economic independence outside of the traditional 9-to-5 workforce." says Smith, author of Lipstick Ghetto: The Girls' Guide to Escaping The 9-to-5 Rat Race.

Unlike the term 'pink ghetto,' that originated in 1983 to describe low-paying jobs traditionally held by women-- Smith says, "Working in the Lipstick Ghetto goes beyond the availability of advancement opportunities and higher wages. The Lipstick Ghetto is any career path that limits a woman's ability to live her best life."

Maybe she's onto something. According to the Bureau of Labor Statistics, 7 out of 10 women in the workplace have children under 18 years of age. And many are leaving the corporate ranks to start their own businesses. In 2007, The Center for Women's Business Research found that women owned a 51% share in over 7 million companies with sales topping $1.1 trillion.

"With the current economic downturn, there are more women competing for fewer positions. So now is the perfect time to pursue turning a long-held passion into profit." adds Smith, who left her job in the telecom industry just prior to company layoffs to start her online fitness company, DanceYourAbsAway.com.

Smith, who had worked in corporate America for ten years says, "Women are resourceful and resilient. Because of my book, I'm in communication with many women who have turned layoffs from the Lipstick Ghetto into thriving businesses."

Women who have recently joined the ranks of 'the unemployed' should take heart. Losing a job could be a blessing in disguise.

About Stacey Smith:
Stacey Smith is a successful serial entrepreneur and author. She's been mentioned as a career expert in The Wall Street Journal Online and as an entrepreneurial expert in The Arizona Republic. To learn more about her book, Lipstick Ghetto: The Girls' Guide to Escaping The 9-to-5 Rat Race, please visit www.LipstickGhetto.com.

For more Information on the Joint Economic Committee's report visit:
http://jec.senate.gov/index.cfm?FuseAction=Press.PressReleases&ContentRecord_id=87c12146-5056-8059-7615-0ea63b0a30a8&Region_id=&Issue_id=

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