The strong significance of this variable may be attributable to events during the latter years of the period, when the feminization rate climbed steeply during the upswing in growth that began in mid-2007. However this happened when women’s average wage was dropping, as was the male labour force participation rate. It can thus be inferred that, since growth was occurring while mean wages were declining, the demand-side effect was less strong than the effect of the reduction in the cost of labour in a benefit-led economy. This may have implications in terms of a reduction in the wages offered to prospective workers, which has also been seen in sectors subject to rapid feminization.