“Generation sewn”? Youth fork market shows signs of crisis – Moneysenense

The Desjardin’s Economics report, released on Thursday, will come as a conservative leader Pierre Poilievre, quotes high youth unemployment levels for decades to attack an immigration program for temporary foreign employees. Statistics Canada’s newest labor survey shows that the unemployment rate for young people aged 15 to 24 14.6% in July reached almost 15 years high outside the COVID-19 Pandemie.

The Desjardins report said that the recent rise in youth’s unemployment is typical of recessions. Statcan drilled deeper into the youth cohort and said that recurring students aged 15 and 16 in July had an unemployment rate of 31.4%, the highlight of the market for the jobs in the summer.

Desjardin’s Economist and reports author Kari Norman said she sees the stress of the heavy summer work market at home. “I have seen my own children and the children of my friends struggling with finding summer jobs, cooperative placements, something like that,” she said.

Temporary employee program in the center of Banendebat

Poilievre described young people in Canada on Wednesday as “generation sewn” because of their lack of opportunities for work. He blamed the temporary foreign employee program of Ottawa for competing with youth for scarce vacancies and called on the liberals to scrap the regime.

Prime Minister Mark Carney said on Wednesday that he is committed to reduce immigration, but not scrap the temporary programs for foreign employees, referring to provincial support for the initiative. He opened the door for further adjustments to the General Immigration Plan of Canada.

LJ Valencia, another of the authors of the Desjardins report, said that many of the current situation returns to the Pandemic Recovery of COVID-19 companies were hungry for work and Ottawa told the intake of foreign employees and brought restrictions on international students to meet the demand. “The opportunities for work decrease because the economy cannot keep up with this state of population growth that we have seen in recent years,” he said.

Ottawa’s immigration goals can balance the labor market for young people

But Desjardins also believes that they are these young international students, or the children of recently arrived employees who are now old enough to get into the workforce themselves, who today struggle disproportionately to find work compared to those born in Canada.

The liberal government has established plans to slow down the pace of population growth and to limit the number of non-permanent residents in the coming years. The Economists of Desjardins say that if achieved, these goals would help to reduce supply and demand to a better balance on the youth labor market.

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“Reducing the number of young people by sharpening immigration, both among international students and other newcomers, must alleviate the blow and help the youth who still find the jobs that are available for that age cohort,” Norman said.

Digital Shift And Automation Snip Youth Opportunities

But other aspects of the modern economy are also conspiracy to put pressure on young employees.

The rise of the Gig Economy app-based and often precarious work-comes with barriers aimed at the youngest employees, Desjardins notes in the report. Age restrictions on these apps can limit participation to those of 18 years and older. As a result, Normand said, children who were previously paid for doing odd jobs such as walking dogs in their neighborhood, can increasingly be closed off from that early work experience due to the digital shift. “My youngest in particular would like to get a job to walk dogs, sitting cats, things like that, but at the age of 16 it just doesn’t qualify,” she said.

The rise of artificial intelligence and generative AI applications can also create a barrier. Desjardins quotes a Stanford University study that was published last week that discovered that, while American employees have so far had to deal with minimal disruption of the jobs of AI, young people start to see young people losing employment. Valencia argued that this could be the result of fewer jobs at entry level.

Norman offers the example of an AI tool that is good at finding legal case studies for a law firm. If a firm that kind of work outsources that it would normal to give a young servant, it can frustrate the efforts of prospective lawyers to get a foot in the door.

Whether the youth unemployment of here starts to recover can depend on where the wider economy is going, Valencia said.

Coordinated action needed to support youth employment

While the economy continues to tension under the weight of American rates and broader trade undertiament, surveys from the Bank of Canada show that companies are repeating in their recruitment intentions.

Valencia said that such shifts tend to have an outspoken effect on youth, who often feel in the first place an economic contraction in their work perspectives. He said that if Canada will hold a new trade agreement with the United States in the coming months, or if Ottawa will find other ways to restore the certainty and encourage business investments that can open opportunities for young people again.