B.C.'s youth unemployment rate second-highest in Canada with 16.6 per cent in May
VICTORIA – High school students walking across graduation stages this month will step into an uncertain job market as B.C. has the second-highest youth unemployment rate in Canada.
Figures released by Statistics Canada this month show the seasonally adjusted unemployment rate among people ages 15 to 24 was 16.6 per cent in May, up from 13.4 in April 2025 and up from 10.5 per cent in May 2024.
Only Alberta has recorded a higher unemployment rate in that age category with 17.2 per cent, while the national youth unemployment rate is at 14.2 per cent.
B.C.'s youth unemployment rate for May 2025 is below the rate of June 2020, when the seasonally adjusted unemployment rate among youth hit 28.6 per cent based on figures from Statistics Canada because of COVID-19.
But the current unemployment rate among youth exceeds youth unemployment 15 years ago when it hit annual peak of 15.6 per cent in June 2010 in the midst of the so-called Great Recession caused by the financial crisis of 2007-2008.
Monday Mornings
The latest local business news and a lookahead to the coming week.
B.C.'s overall employment rate for May 2025 was 6.4 per cent, up from 6.2 per cent in April 2025 and 5.6 per cent in May 2024.
This report by The Canadian Press was first published June 9, 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Forward
2 hours ago
- Japan Forward
AI Tool 'KIBIT': A Game Changer in New Drug Development
このページを 日本語 で読む The COVID-19 pandemic reminded the world of the importance of drug discovery. However, modern drug discoveries require massive financial investment. Meanwhile, the use of artificial intelligence for AI drug discovery is gaining attention as a way to control soaring pharmaceutical prices. And a Japanese-made AI tool named 'KIBIT' is about to open up a new stage in this field. President Donald Trump issued executive orders in April and May mandating the reduction of domestic drug prices in the United States. Accompanying White House fact sheets refer to the high cost Americans pay for prescriptions, which is 2.78 times higher than the OECD average. Prescription costs are also 3.47 times higher than in Japan. Trump sees these high costs to consumers as a serious issue. In Japan, a national drug pricing system sets medication prices, enabling access to affordable treatments due to governmental oversight. In contrast, US pharmaceutical companies can set prices freely. This often results in higher charges than in other countries. Following his May 12 executive order, Trump stated that his orders would cut prices by 59% to as much as 90% to align with the levels of other countries. This could potentially result in significant revenue losses for the pharmaceutical industry. In the case of Japan, major pharmaceutical companies such as Takeda Pharmaceutical Company Limited and Astellas Pharma Inc earn over 30% of their revenue from the US. According to his comments, the President could impose additional tariffs on foreign-manufactured drugs if prices are not reduced. In the search for new drugs and treatments (Screenshot, ©FRONTEO Inc) One major reason for rising drug prices is the increasing cost of research and development. The average R&D spending by Japanese pharmaceutical companies rose from ¥30.2 billion JPY ($298.7 million USD) in 1993 to 163.3 billion ($1.13 billion) in 2019 — a 5.4-fold increase over 26 years. US companies saw an even sharper rise, from $841 million (¥121.1 billion) to $7.449 billion (¥1.0725 trillion). That marked an 8.8-fold increase. Moreover, investing in R&D doesn't guarantee success. The probability of developing a successful drug in Japan dropped from 1 in 13,000 two decades ago to 1 in 23,000 recently. Despite the increasing costs, results are scarce. Consequently, the R&D-to-revenue ratio rose from about 10% in 1993 to around 18% in 2019 in both countries. Introducing KIBIT. (Screenshot ©FRONTEO Inc) AI is being eyed as a solution to reduce R&D costs by dramatically cutting time and expenses. Drug development involves four stages: Basic research & target identification Compound optimization Preclinical trials and Clinical trials. Many AI vendors are involved in drug discovery. In particular, they focus on reducing costs in the third (preclinical) and fourth (clinical) stages. However, most companies have yet to tackle the critical first stage — target identification. Introducing KIBIT. (Screenshot, ©FRONTEO Inc) The first enterprise to address this initial stage is the Japanese company FRONTEO. Utilizing its proprietary natural language processing AI engine KIBIT, the company analyzes vast medical and pharmaceutical literature to generate innovative drug ideas that researchers may not have considered. Human thinking is inherently biased. The more experienced a researcher is, the more difficult it becomes to identify novel molecular targets. Stated another way, the bias of experience often blocks new ideas. KIBIT, however, is free from such biases. It identifies new molecular targets that might be effective against specific diseases. To do so, it analyzes vast amounts of academic literature. It can even derive specific hypotheses. Furthermore, KIBIT can identify and suggest highly disease-relevant target molecules that are not explicitly mentioned in the literature. This significantly enhances drug discovery potential. How KIBIT works. (Screenshot, ©FRONTEO Inc) Only a few countries have the capacity to develop new drugs. In 2024, among newly approved pharmaceuticals in Japan, the US, and Europe, the US led with 143 products. Japan followed with just 12, roughly equal to the United Kingdom's 10. According to the statistics "Nationalities of companies creating the top 100 drugs in the world by sales (2022),": United States – 52 United Kingdom – 10 Switzerland – 9 Germany – 8 Denmark – 8 Japan – 7 Most countries, other than the US, struggle to produce blockbuster drugs. In this context, hopes are high for FRONTEO's KIBIT. If it can consistently generate innovative new drugs efficiently, it may help deliver affordable medicines to those in need, without Mr Trump's intervention. FRONTEO's AI drug discovery service, utilizing KIBIT, is already being adopted by several major pharmaceutical companies. Those leveraging KIBIT to create new drugs could become game changers in the industry. This article is contributed by FRONTEO Inc, a supporting member of JAPAN Forward. (Read the report in Japanese.) Author: FRONTEO Inc. このページを 日本語 で読む
Toronto Star
2 hours ago
- Toronto Star
Competition Bureau seeking public input on algorithmic pricing
OTTAWA - The Competition Bureau says it's looking for public input as it delves deeper into the rising trend of companies using algorithms to set prices. In a paper released Tuesday, the bureau says more than 60 companies in Canada already use automated systems to help set prices, often in real time, for everything from concert tickets to ridesharing to hotel rooms. The paper says that algorithmic pricing could improve competition by helping businesses innovate and be more efficient, but also risks making it easier for companies to co-ordinate their prices and could make it harder for new companies to enter the market. ARTICLE CONTINUES BELOW It says algorithmic pricing could become an issue under the Competition Act if multiple companies rely on the same model to set pricing, creating a form of collusion on pricing even without explicit collaboration. The bureau says the systems could also be used for predatory pricing if a company uses them to specifically target specific customers of rivals, rather than lowering prices overall. The Competition Bureau confirmed in February that it was also investigating the possible use of AI-driven algorithmic pricing in Canadian real estate rental markets. This report by The Canadian Press was first published June 10, 2025.
Toronto Star
5 hours ago
- Toronto Star
Court rules Trump's tariffs can stay in effect while appeal proceeds
WASHINGTON - U.S. President Donald Trump's tariffs on most countries around the world can remain in place while a federal appeals court decides on their future. The U.S. Court of International Trade ruled the duties were unlawful last month. The lower court ruled that Trump's use of an emergency powers law to impose his 'Liberation Day' reciprocal tariffs exceeded his authority and his fentanyl-related tariffs against Canada didn't target the issue. The decision blocked the devastating duties but the Trump administration filed emergency motion to stay the trade court's ruling soon after. ARTICLE CONTINUES BELOW The U.S. Court of Appeals decision tonight keeps in place the Trump administration's request to pause the trade court's ruling until there is a full hearing. That means countries around the world, including Canada, continue to be slapped with Trump's tariffs. This report by The Canadian Press was first published June 10, 2025.
