“Real” Youth Unemployment Rate Close to 20%
Statistics Canada’s “real” (R8 supplementary) unemployment rate adds to unemployed persons some labour force dropouts (discouraged job seekers who have given up looking for a job in the belief that no work is available) and theÂ hours of work lost by part-time workers who would rather have worked full-time.
In 2011, the “real” rate averaged 10.6%, up significantly from the pre recession low of 8.6% in 2007.
The increase in the “real” rate for workers aged 25 to 54 has been fairly modest, up 1.6 percentage points from 7.2% to 8.8% compared to 2007.
But the increase in the “real “rate for young workers compared to 2007 has been stunning: up 4.3 percentage points from 15.4% to 19.7% (from 16.2% to 21.0% for young men, and from 14.4% to 18.2% for young women.) The “real” youth rate has slipped only a touch from the high ofÂ 20.3% in 2009.
So, to state the blindingly obvious, we are very, very far from a meaningful recovery for young workers.