In this story, published today, The Globe and Mail’s Elizabeth Church has some great anecdotes about students who are struggling in summer 2009’s tough job market.
Her article is timely, considering two studies that were recently released.
In Statistics Canada’s latest labour force survey, the agency found that compared with June 2008, employment was down 43,000 for students aged 20 to 24 in June 2009. That means their unemployment jumped 4.8 percentage points to 14 per cent, which is the highest June unemployment rate for these students since 1997.
StatsCan also found that the labour market for 17 to 19-year-old students is slumping. Employment for this age group was down 50,000 between June of 2008 and 2009. That brings their unemployment rate to 18.1 per cent, the highest since June 1998.
In another report released last February, the Educational Policy Institute predicted rising youth unemployment will add more than 105,000 new borrowers to the Canada Student Loan Program in the next three years. The study found that a one per cent rise in youth unemployment increases the demand for student loans by about six per cent.