{"id":51918,"date":"2024-10-22T10:00:11","date_gmt":"2024-10-22T10:00:11","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/10\/22\/students-and-recent-grads-face-jobs-market-crisis\/"},"modified":"2024-10-22T10:00:11","modified_gmt":"2024-10-22T10:00:11","slug":"students-and-recent-grads-face-jobs-market-crisis","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/10\/22\/students-and-recent-grads-face-jobs-market-crisis\/","title":{"rendered":"Students and recent grads face jobs market crisis"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<div class=\"sponsored-meta sponsored-meta--story\" data-aqa=\"sponsorship\">\n<div class=\"sponsored-meta-content\">\n<div class=\"sponsored-meta-content-text\">This section is <\/p>\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"\" data-sticky=\"\" data-tail-offset=\"\" data-tail-position=\"\"><button class=\"popover__trigger\"><span class=\"popover__text\">Presented<\/span><\/button><\/p>\n<div aria-describedby=\"popover-desc-sponsored-popup\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<p>This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to publication.<\/p>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<p> by  Workday <\/p><\/div>\n<div class=\"sponsored-meta-content-logo-container\">  <\/div>\n<\/div>\n<\/div>\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<li class=\"breadcrumbs__item\">Work<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">A stunning 80% of the increase in the unemployment rate is coming from people under the age of 35, an RBC report finds<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Oct 22, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 8\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">7 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"48dd00c0-9c2f-4f74-b447-e66e8f73adeb\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=wtB60xbgLu0SYJ2g4e8hLA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=rPFTAmnNxcEb597S-FGTzg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=fIVnHF5tGKjdaYnMsur5Cg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=XvSNNsHRDPNPiielSHwtow 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=_NohUo_a3VdlwmDT-gCK1g,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=T9EQH6ZIh4Fk-xqP8t3w7A 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=WoG8bt4f0CjFVds66foC3A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=wtQ-agEyZsIkXcEDuHdC4w 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=11lq1rHNuNE89D1AyotYtQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=lmBM8fEaH-KIwtpByUwCEw 2x\" type=\"image\/webp\"><img loading=\"lazy\" decoding=\"async\" alt=\"Young person at job fair\" class=\"featured-image__image type:primaryImage\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;sig=84cMF6PzStxLNXDBLGMqrA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;sig=84cMF6PzStxLNXDBLGMqrA,&#10;                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/Job-Market-gs1021.png?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;sig=R-YMnjOJhw3D2q9RB0bLOw 2x\" height=\"750\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Younger people, especially those trying to land their first jobs with no prior experience, are struggling the most in a tighter job market.<\/span> <span class=\"credit\">Photo by Lynne Sladky<\/span> \/<span class=\"distributor\">Postmedia<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Sana has been no stranger to rejections, as she has applied to hundreds of jobs since getting laid off last year.<\/p>\n<p><span>\u201cThe hiring system is pretty broken,\u201d said Sana, 27, who did not want her last name used because she continues to look for work.<\/span><\/p>\n<p>She notes the issues she has faced are not unique to her industry. In fact, she is one of the large number of under-35-year-olds who are driving an increase in the unemployment rate in Canada.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3223673830120364591635198124228608\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg 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the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cThere\u2019s no loyalty from organizations; they\u2019re not approaching things from a way that\u2019s recognizing the systemic failures that they have, like actually supporting and uplifting young people.\u201d<\/p>\n<p>Sana said that many organizations still require prior experience for entry-level roles or prefer hiring someone they already know or who is connected to them in some way.<\/p>\n<p>While volunteer work can be an option for students and new graduates to build experience,\u00a0 Sana said this route is not sustainable for people who have bills to pay.<\/p>\n<p>Sana, who lives with her family, said she did some unpaid work for a company that specialized in diversity, equity and inclusion (DEI) work before landing her first full-time job there after completing her master\u2019s program.<\/p>\n<p>\u201cIt was definitely a role that I learned the most from, but it was also exploitative,\u201d Sana said, explaining that she worked in an fast-paced and demanding environment for little pay and no work-life balance. She said she ended up working long hours, sometimes ending the workday at 8 p.m.<\/p>\n<p>Sana worked there for about two years before she was laid off in March, 2023.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9570779870700765332782881223737344\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cI was very distraught,\u201d she recounted. \u201cI reached out to several folks after about a month or two, when I had been able to somewhat process the situation and could talk about it without getting too upset.\u201d<\/p>\n<p>But in the past year in particular, Sana has found the labour market harder to navigate. It\u2019s taking longer to hear back from companies, land any interviews and, most importantly, secure a job.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=jPWrln8R0Z2pk1aHr6K-uQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=6newk6yz31LNLoPuIoUNuQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=mI1rwC8odYIbMhvht2RaMQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=ddh-_xaNC2x6dKW37D9zLA 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=DcpqoD-Y0rrghukMDxywPg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=I5--2YEpeNScnqauObvzXg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=LV00xdzu3F0vDKOatqEdJA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=1w5nPcr1FlbIGtVsmKZqsQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=WsF4CwFV50iacE_EPJohqg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=8FDIHqX0ApEksXMNIoPLAg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Youth joblessness chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=DFqT_cxMqLZZAp-enT0XWA\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=DFqT_cxMqLZZAp-enT0XWA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=90&amp;strip=all&amp;w=576&amp;sig=yl1EkmnaoA-idKi6a0vT3w 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/youth-joblessness-1.png?quality=5&amp;strip=all&amp;w=100&amp;sig=Vko-8drD1D5aRvEEd7nbbQ\" height=\"869\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<h2>Young people driving unemployment<\/h2>\n<p data-async=\"\">Statistics Canada data showed job vacancies plunged by 59,000, or 9.2 per cent, in the second quarter of the year \u2014 more than double the decline reported in the previous quarter.<\/p>\n<p data-async=\"\">A recent report from Royal Bank of Canada (RBC) revealed that company layoffs aren\u2019t driving the increase in the unemployment rate \u2014 which, as of September, is sitting at about 6.5 per cent \u2014 since the number of employed workers hasn\u2019t declined.<\/p>\n<p data-async=\"\">Instead, 80 per cent of the increase in the unemployment rate is coming from people under the age of 35 \u2014 largely from students and new graduates, who take longer to find a first job.<\/p>\n<p>Carrie Freestone, an RBC economist who co-authored the report, said this is a new trend she first noticed toward the end of last year.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot39 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page None background--primary-light-gradient\" aria-labelledby=\"FPWork1599306899274881360930657127104512\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_Work\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Financial Post\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.2.2\/websites\/images\/newsletters\/icon-fp-work.svg\"\/><\/div>\n<div>\n<p>Work<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">FP Work touches on HR strategy, labour economics, office culture, technology and more.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_Work\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Work will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_Work\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment3792770438861321068964281642385408\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>During typical labour market corrections, such as in the 2008 financial crisis, an uptick in the unemployment rate is often triggered by mass layoffs, she explained. But many companies are still \u201cscarred\u201d from the hiring challenges they faced in 2022, when job vacancies soared to record highs.<\/p>\n<p data-async=\"\">\u201cOnce we come out of this period of weaker demand, once interest rates fall and consumer demand picks up, we could be in a situation where firms need to hire again,\u201d Freestone said. \u201cThey know it\u2019s hard to hire.\u201d<\/p>\n<p>While she has seen some companies, particularly in the technology sector, lay off staff, Freestone said hiring freezes have become much more common instead.<\/p>\n<p data-async=\"\">And younger people, especially those trying to land their first jobs with no prior experience, are struggling the most. A separate report from Statistics Canada detailed that the unemployment rate for youth aged 15 to 24 during the summer of 2024 was the highest since 2012.<\/p>\n<p>\u201cWe are in a full-out screaming crisis,\u201d warned Ilona Dougherty, the co-creator and managing director of the Youth &amp; Innovation Project at the University of Waterloo. \u201cWe need to recognize that it\u2019s a really tough job market, and you can do everything right and still unfortunately end up in that pool of 19,000 people.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment8931186157055948067039432637677568\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=ITrtZtkIWUHvalp8wsaWbw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=8MuRyjk9i0h6xi7EYCAu5g 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=9t7Sj6ZhCD49OVUngPnN9A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=Vqmjp319CKzO1DhgrkXZLw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=HdXT_kCcoQmDJ6WH_QQBAw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=6eH-ozE_opXcdwuNa7GF7A 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=k_7lBLiMG1KrTxg4R_e9Iw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=KzvUCrlKM8EKj7XCQXkd2g 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=TrodNDA9SjTnIyFcLXzz3Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=xpOKpB3yUTEcLwfEyBl9jQ 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Unemployment rate students chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=288&amp;sig=qworrS09D1FazW00IK-39A\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=288&amp;sig=qworrS09D1FazW00IK-39A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=90&amp;strip=all&amp;w=576&amp;sig=xaYx7oSIsGW78lPii5tEfg 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/student-unemployment-2024.png?quality=5&amp;strip=all&amp;w=100&amp;sig=Rf7fhIBzCl8Vj3jLM14HNg\" height=\"876\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<h2>Not thriving at work<\/h2>\n<p>Dougherty said that even young people who are working right now aren\u2019t necessarily thriving in their jobs.<\/p>\n<p data-async=\"\">She pointed to a recent youth-focused study the University of Waterloo conducted in partnership with RBC, which found young women are paid significantly less than young men and young immigrants are less likely to feel as though they are learning and enjoying their careers.<\/p>\n<p>Sana found work at a consulting agency a few months after being laid off, but explained she was originally working part-time hours (about eight to 20 hours a month) as needed. Even today, although she feels like she is closer to full-time hours and she is receiving a steady flow of income each month, she does not have an official contract with her employer and is keeping an eye out for other opportunities.<\/p>\n<p>\u201cI\u2019m looking for more stability, perhaps at a larger organization, where I don\u2019t feel like I\u2019m going to get laid off in another year or two,\u201d she said. She added that she feels she has been stagnating in entry-level pay, at between $50,000 to $60,000 a year.<\/p>\n<h2>\u2018Bar getting higher and higher\u2019<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment8268934608053911308039832284954624\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Mishika Khurana, a 21-year-old master of spatial analysis student at Toronto Metropolitan University, explained that many companies are looking for candidates with prior experience and relevant skills \u2014 skills that many aren\u2019t necessarily acquiring from their undergraduate programs.<\/p>\n<p>She has seen many of her peers staying in school longer and adding to their credentials, which could be skewing the unemployment rate for their cohort, as well. Statistics Canada data dating back to the 1995-1996 academic years shows the university participation rate for people aged 18 to 24 has grown from 19 per cent to 30 per cent.<\/p>\n<p>Meanwhile, Khurana said young people need to \u201cplay the game\u201d and send out scores of applications just to get a couple of interviews and a potential job offer.<\/p>\n<p>Ian Korovinsky, a 19-year-old software engineering student at the University of Waterloo, interned at Bloomberg over the past summer and plans to return next year. But he said the journey getting there was not easy, even though he has been building experience since high school.<\/p>\n<p>Korovinsky found the internship internally through WaterlooWorks, the university\u2019s online job database for co-op students, and landed the position after passing the technical interview.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment3045786003863517569199650572861440\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But when he was still applying to jobs, he estimates he sent about 250 to 300 applications, plus 100 personalized reach-outs through cold emailing and messages to employees through LinkedIn.<\/p>\n<p>\u201cThe bar is getting higher and higher,\u201d he said. He emphasized the importance of having strong mentors to help guide young people through their job search.<\/p>\n<h2>International students face more barriers<\/h2>\n<p data-async=\"\">Ritika Saraswat, the founder of Re-defined, an organization that aims to empower immigrants and international students in Canada, noted that international students are facing additional challenges in navigating an unfamiliar environment.<\/p>\n<p>\u201cThe biggest (barrier) to entry has always been Canadian experience,\u201d said Saraswat, explaining that even young immigrants and international students with prior work experience in other countries are having a tough time because they don\u2019t have work experience in Canada. \u201cIt\u2019s a cause of frustration among many.\u201d<\/p>\n<p>This is causing many young people to take up general labour to make ends meet while getting their degrees, with the intention of securing a corporate job after they graduate, she said. However, once they try to land a job in their fields later on, they still lack the necessary experience and skills, and the credentials aren\u2019t enough to set them apart from the scores of other candidates in the same hiring pool.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_8\">\n<section aria-describedby=\"advertisment3975793564043835655550064717201408\" class=\"ad\">\n<p>Advertisement 8<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>RBC\u2019s Freestone said she anticipated unemployment to inch up further to 6.8 per cent in the near term, but projected hiring will pick up slowly in the second half of next year, especially as interest rates fall.<\/p>\n<p>Still, there are major consequences for young Canadians who are floundering in the current labour market. For example, those who take longer to find their first job could be impacted by lower wage gains, since they have less experience to point to when negotiating raises in the future. Others are finding themselves stuck in a rut.<\/p>\n<section aria-labelledby=\"moreTopicLabel3713788368664363162747977691299840\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" in=\"\" canadians=\"\" are=\"\" moonlighting=\"\" on=\"\" company=\"\" time:=\"\" survey=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"One in three Canadian workers have worked a side hustle during their regular work hours, according to a new survey.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/no1015work.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=SlLV4asoUu41QyWGCWdujQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/no1015work.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=BAq0PM1Dj3NoiHVG5epBdg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/no1015work.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=SlLV4asoUu41QyWGCWdujQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/no1015work.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=wfGL0QJfamF32MahxkIxTw 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/10\/no1015work.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=Zcm00SRKKK5l6x0yyYtuZw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">1 in 3 Canadians are moonlighting on company time: survey<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" summer:=\"\" why=\"\" youth=\"\" unemployment=\"\" is=\"\" at=\"\" a=\"\" decade=\"\" high=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"A woman checks out a jobs advertisement sign in Toronto, 2020.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/no0709jobs.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-zBngWlfGr4Nkm8H34wBjA\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/no0709jobs.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=7RPPOLCch2OmdxAGk5PamQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/no0709jobs.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-zBngWlfGr4Nkm8H34wBjA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/no0709jobs.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=NeHPMmEkwAnMJDAe1Wk-Ug 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/no0709jobs.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=caUgmXqI_mymXk4vBmP-_g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Jobless summer: Why youth unemployment is at a decade high<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cI don\u2019t know if I even have a career,\u201d Sana acknowledged, explaining that she has often taken any job that she has been offered, but has never found an \u201cideal opportunity.\u201d<\/p>\n<p>\u201cSometimes when you get into contract-by-contract or short-term opportunities, (it feels) like you\u2019re just going through jobs endlessly for your whole life.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: slouis@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Students and recent grads face jobs market crisis<\/a><br \/>\n<br \/>2024-10-22 10:00:11<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This section is Presented This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to&#8230;<\/p>\n","protected":false},"author":2,"featured_media":51919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-51918","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/51918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=51918"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/51918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/51919"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=51918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=51918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=51918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}