Future of Work
A curated resource of recent research on trends shaping Canada's labor market.
This RBC Economics research explores the drivers behind the recent growth in Canada’s unemployment rate.
Since April 2023, Canada’s unemployment rate has increased by 0.8 percentage points, a level typically associated with recessionary periods. However, unlike prior periods, the increase in unemployment has stemmed primarily from slower hiring of students and new graduates rather than from increased layoffs.
Students and new graduates have historically borne the brunt of declining labour markets. Their concentration in a few industries and their shorter tenures leave them more vulnerable to shocks.
In the near term, students and newcomers will likely continue to face challenges as a result of the declining number of job openings.