Latest news with #CentreforFutureWork
Economic Times
15-07-2025
- Business
- Economic Times
Canada student job crisis explodes as unemployment hits highest level since 2009, triggering fears of looming recession
TIL Creatives Canada's student job market collapses as youth unemployment surges amid economic uncertainty and rising US trade tensions Canada's student unemployment rate has jumped to 17.4 percent, the highest it's been in a non-pandemic year since 2009, raising concerns among economists that it could signal a slowdown, or even a coming recession. The number, released in Statistics Canada's June Labour Force Survey, refers specifically to 'returning students,' full-time students aged 15 to 24 who intend to resume studies in the fall. It's a significant jump from 15.8 percent in June 2024, and even further above the 11.9 percent recorded in 2023. 'That's really concerning to me,' said Viet Vu, economic researcher at Toronto Metropolitan University. 'Youth unemployment is a leading indicator of what could be a recession.'The data reflects a labor market that, while posting headline job gains, 83,000 new positions in June, according to Statistics Canada, remains uneven beneath the surface. The national unemployment rate stands at 6.9 percent, unchanged from the previous month, and long-term joblessness remains a concern. The broader youth unemployment rate, which includes all 15- to 24-year-olds (not just students), was 14.2 percent in June. That's well above the pre-pandemic average of 10.8 percent (2017–2019), suggesting younger Canadians are disproportionately affected by current economic pressures. Students typically rely on summer jobs for income, experience, and savings to support their education. But this year, those positions are vanishing.'This has been a brutal summer for students to look for a job,' said Jim Stanford, director at the Centre for Future Work. 'The openings are just not there.' Economists cite multiple contributing factors: Trade uncertainty: Companies are wary of expanding payrolls amid economic instability, particularly as US tariffs on Canadian exports fluctuate. Many are choosing not to hire seasonal or junior workers this year. Companies are wary of expanding payrolls amid economic instability, particularly as US tariffs on Canadian exports fluctuate. Many are choosing not to hire seasonal or junior workers this year. Cost management: With economic forecasts showing slow growth and cautious consumer spending, firms are prioritizing cost-saving measures, starting with entry-level roles. 'When companies squeeze their budget, the first positions to go tend to be the most junior,' said Vu. 'Which tells you that these companies aren't doing well because they can't afford to hire a summer student.'The student job crisis is more acute in some regions. In Windsor, Ontario, overall unemployment was 11.2 percent, the highest in the country. Other areas, such as British Columbia and Atlantic Canada, also reported higher-than-average youth jobless rates. In response to the situation, the federal government has expanded the Canada Summer Jobs Program, adding 6,000 additional wage-subsidized jobs to the existing 70,000 placements. But experts say that may not be enough to address the depth of the issue. 'There's been some caution that employers have undertaken because the situation could go in multiple directions,' said Brendon Bernard, senior economist at analysts warn that if youth joblessness persists into the fall, it could start dragging down broader economic indicators, particularly consumer demand and future workforce development.
CBC
29-03-2025
- Business
- CBC
Report suggests rising oil and gas prices causing affordability crisis
Since 2022, Canadians have been grappling with spiking inflation and food affordability. Jim Stanford, the director of the Centre for Future Work, argues in a new report that the crisis was precipitated by market speculators increasing the cost of fossil fuels, which led to a series of direct and indirect costs for consumers.
CBC
15-03-2025
- Health
- CBC
Listen live at 4 p.m. on Saturdays: What questions do you have about U.S.-Canada trade?
With guest experts, Just Asking turns the week's news and latest trends into tips that help you make better decisions in your life. Whether it's tech, money, career or health — we'll hear you out, and help you out. The show takes live calls on CBC Radio every Saturday afternoon, and drops the podcast that same evening. The guest host this week is Julianne Hazlewood. Here's what's happening this Saturday: Fact-checking Donald Trump on tariffs -- what questions do you have about the U.S.-Canada trade relationship? It's been another week of escalating tariffs and threats between the United States and Canada. The U.S. placed tariffs on steel and aluminum imports on Wednesday, and Canada responded with its own counter-tariffs on U.S. goods. Whether it's dairy, lumber, or trade deficits... Donald Trump has made a lot of claims about the Canada-U.S. relationship the last few weeks. What questions do you have about how the relationship actually works? What claims do you want our experts to fact-check? Jim Stanford is an economist and the Director of the Centre for Future Work in Vancouver, and Rambod Behboodi is a trade lawyer and senior counsel at the law firm Borden Ladner Gervais. They will take your questions. What questions do you have about measles? Ontario is seeing a surge in measles cases right now. Public Health Ontario is reporting 350 total cases since an outbreak began on Oct. 28, 2024. The number has increased by 173 cases in the last several weeks. Ontario's Chief Medical Officer of Health says that over 96 per cent of cases in Ontario are among individuals who are not immunized, or have unknown immunization status. There have been other outbreaks as well, including in New Brunswick, Québec and Manitoba. What questions do you have about measles? Saturdays at 2 p.m. PT, 3 p.m. MT, 4 p.m. CT, 5 p.m. ET, 6 p.m. AT and 6:30 p.m. NT.
Express Tribune
08-03-2025
- Business
- Express Tribune
Vocal group in Canada wants to make it the 51st state of America
Listen to article A small but vocal minority of Canadians support the idea of their country becoming the 51st US state, citing economic and political frustrations, though the vast majority reject the notion, recent polls suggest. According to a January survey by the Angus Reid Institute, 10% of Canadians would back US statehood, while 90% oppose it outright. Supporters argue that joining the United States could provide greater economic opportunities and lower taxes. However, economists and political analysts warn that such a move could have severe economic consequences for Canada. The idea gained renewed attention after US President Donald Trump, in a December meeting with Canadian Prime Minister Justin Trudeau, made comments about Canada becoming a US state. While initially dismissed as a joke, Trump's remarks, combined with economic pressures such as US tariffs on Canadian goods, have fueled debate among fringe groups. In Alberta and Saskatchewan, where dissatisfaction with federal policies is highest, some individuals have pushed for closer ties with the US. A billboard in Bowden, Alberta, featuring Alberta Premier Danielle Smith alongside Trump with the message "Let's join the USA!" has sparked controversy. Smith, however, dismissed the idea, saying there is "no enthusiasm" for it. Ryan Hemsley, a Victoria resident who supports US statehood, argued that joining the US would provide better job opportunities and lower taxes. "I know that just based on my work ethic, I would be able to make more money," he said. Others who back the idea cite grievances with vaccine mandates, the British monarchy, or Canada's healthcare system. Experts, however, dispute claims of economic benefit. Jim Stanford, an economist with the Centre for Future Work, said that while the US has a higher GDP per capita, Canadian workers generally earn more and pay less in out-of-pocket healthcare costs. "Americans don't get paid in per capita GDP; they get paid in wages," Stanford said. "The idea that Americans have access to more opportunity that Canadians are denied is absolutely false." Polls indicate that while some Canadians express dissatisfaction with their country's leadership, few seriously advocate for statehood. A separate Ipsos poll found that 30% of Canadians would consider joining the US if granted citizenship and asset conversion to US dollars, though experts suggest such opinions often shift when the broader implications are considered. Despite gaining attention on US conservative media, political analysts say the movement remains marginal. "No major policy initiative, let alone annexation, is going to happen unless mainstream political leaders support it, and they don't," said Jared Wesley, a political scientist at the University of Alberta.
