Demand for nannies has fallen as job losses have taken away the need for some to hire child caregivers, and that means prices are lower for those in need of their own Mary Poppins.
In certain areas like Silicon Valley, where residents have been laid off, demand for hired caregivers is drying up, according to The Wall Street Journal. The struggling economy has lowered nanny wages in Silicon Valley to as low as $16 compared with about $25 two years ago, one nanny agency told the Journal.
The drop in demand supports the idea of the Nanny Economic Indicator noted by CNBC, and is likely a result of jobless parents returning to homemaking during their job searches, families moving out of town for more affordable housing or families depending on relatives for child care.
In 2008, 13% of nannies were unemployed, the International Nanny Association told The Washington Post.
And, as one might guess from trends in the job market, nannies may be willing to accept lower pay simply to be employed.