An economic slowdown that began with a disproportionate effect on men has entered a new phase in which women are bearing the brunt – a troubling reversal of 40 years of gains made by working women, according to Cathy Minehan, former president of the Federal Reserve Bank of Boston.

Minehan, now dean of the School of Management at Simmons College, pointed to statistics that showed male-dominated industries including manufacturing and construction were hit hardest during the recession’s early months. Before the recession, men held approximately 3 million more jobs than women. By June 2009, that number had fallen to just 200,000, Minehan said.

But that leveling has since been reversed. For the first time since the 1970s, men are now gaining jobs while women continue to lose them. Manufacturing and construction are slowly recovering, while state and local government positions typically held by women continue to face elimination. Men, too, are infiltrating more female centered industries like retail, according to Minehan.

Speaking before a packed room at Banker & Tradesman’s first annual Women of FIRE awards luncheon today in Boston, Minehan said what might be most troubling is that women in leadership posts are now three times more likely to lose their jobs than men.

"We cannot retreat from the gains of the past 40 years," Minehan told the crowd, gathered to honor 13 of the region’s most notable female leaders in the finance, insurance and real estate industries.

Despite significant headwinds, Minehan said the current anemic pace of growth should accelerate in the second half of the year. She said she mostly agrees with optimists who point out that temporary economic speed bumps in the first half of the year, including a devastating earthquake in Japan, are just that – temporary.

Manufacturing and exports are growing, however slowly, she said. Housing has nowhere to go but up, capital is abundant, oil prices have moderated, the Federal Reserve has committed to keeping monetary policy accommodative and corporate profits are near record highs. All of these things, she said, can’t help but buoy the national economy going forward.

But she insisted that in order to achieve sustained growth, corporations currently operating at bare bones efficiencies must recognize the value of their workforces – particularly the women among them.

"It needs to be recognized that the best thing for the bottom line is to free these minds," Minehan said.

*The full text from Minehan’s speech can be found here.