The Decibel Why the job market is hitting new grads especially hard
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Jun 16, 2025 Meera Raman, a retirement and financial reporter for The Globe and Mail, dives into the struggles of recent graduates in Canada as they face an alarming 11.2% unemployment rate. She discusses the long-term impact of entering a weak job market, including potential setbacks in career momentum and financial stability. Meera also shares valuable financial strategies, urging graduates to prioritize savings and avoid high-interest debt while navigating the competitive landscape filled with challenges like unpaid internships.
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High Unemployment Hits New Grads
- Young graduates face an unemployment rate of 11.2%, the highest in over 20 years excluding the pandemic.
- This rate is significantly higher than the overall Canadian unemployment rate, showing a harsher impact on new grads.
Economic Factors Block Entry Jobs
- Economic uncertainty and high interest rates caused companies to cut entry-level roles first.
- Existing workers hold on to low-skill jobs longer, blocking new grads from these opportunities, creating a domino effect.
Pandemic's Lingering Job Impact
- The pandemic disrupted career progression and caused slow ladder climbing for many workers.
- This slowdown trickles down, delaying new graduates' career growth and earnings potential.