Economists predict unemployment in Canada will "get worse before it gets better" this year.
While the unemployment rate continues to tick upward, young Canadians are bearing the brunt of the labour market downturn, according to a recent report from RBC.
The unemployment rate held steady at 5.8 per cent in December - up from five per cent last April which was unchanged since December 2022-according to Statistics Canada's monthly labour force survey.
But this slowdown has been different than in the past as students and new graduates are driving the increase in unemployment, RBC said.
About half of the 0.8 per cent increase in the unemployment rate since April came from longer job searches for students and new graduates who weren't previously in the labour force, the report said, "a larger factor behind a higher un-employment rate in Canada todate than layoffs or new arrivals from abroad." David Macdonald, a senior economist with the Canadian Centre for Policy Alternatives, said the jump in unemployment over the last few months varies from previous surges.
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Disgraceful behaviour on Parliament Hill
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