Canada's job crisis? Student unemployment skyrockets to 14.2% — is a recession here already?
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How Is the Youth Job Market Overall in Canada?
Is the US Trade War Making Things Worse?
Who's Being Hit Hardest by the Tariffs?
Is a Recession on the Horizon for Canada?
Is There Any Optimism for Students?
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For many Canadian students, this summer job hunt has been tougher than ever, with the unemployment rate for students looking for summer work soaring to 17.4%, the highest it's been in a non-pandemic year since the 2009 recession, a stark warning sign that some economists say could mean trouble ahead for the broader economy, as per a report.Economic researcher at Toronto Metropolitan University, Viet Vu, said that, 'That's really concerning to me,' adding, 'Oftentimes, youth unemployment is a leading indicator to what could be a recession,' as quoted in the CP24 report.The latest figures from Statistics Canada's Labour Force Survey reveal that 17.4% of full-time students aged 15 to 24, who planned to return to school this fall, were without a job this June, according to the report. That's a significant jump from 15.8% just a year earlier, as per the CP24 report.Vu explained that, 'The reason why this is bad is when you look at how an economy is doing, you look at how many people are getting fired and how many people are getting hired -- and oftentimes, when companies squeeze their budget ... the first positions to go tend to be the most junior,' as quoted in the report. Vu added that, 'Which tells you that these companies aren't doing well because they can't afford to hire a summer student," as quoted by CP24.ALSO READ: Elon Musk's Grok is now working for the US government — here's what that means However, Statistics Canada's unemployment rate for the broader 'youth' category, which includes all 15- to 24-year-olds, not just students, stood at 14.2% in June, which has increased by 0.7 percentage points from last year and is well above the pre-pandemic average of 10.8% between 2017 and 2019, as reported by CP24.Economists have pointed out that the US trade war has led to the growing student unemployment rate because many companies are choosing not to take on new hires due to the amount of uncertainty that comes with constantly changing US tariffs on Canadian exports to America, according to the report.The director and economist at the Centre for Future Work, Jim Stanford, pointed out that, 'This has been a brutal summer for students to look for a job... the openings are just not there,' as quoted by CP24. He explained that, 'I think the blame for the high student unemployment rate rests solely at Donald Trump's doorstep,' adding that, 'In the last few months, companies have had no idea where the economy is going. The last thing they're going to want to do is take on a few extra heads for the summer," as quoted in the report.ALSO READ: 15 million Americans just got bad news - Judge reverses rule that would've wiped medical debt from credit reports While the border city of Windsor, in Ontario, recorded the highest unemployment rate among all demographics in June with 11.2%, which shows that the tariffs have had a major impact on Canadian industries, as reported by CP24.Even though Stanford isn't ready to say a recession is guaranteed to happen just yet, he has warned that, 'We've all been watching for signs that the toll of the Trump tariffs could push Canada into a recession — and if he goes ahead with the 35 per cent tariffs, we could have a recession. Not yet, though," as quoted in the report.A senior economist at job search site Indeed, Brendon Bernard, said there is a "silver lining: the year-over-year increase in the student unemployment rate has narrowed compared to previous years," as quoted by CP24 report. The rate rose from 11.9% in 2023 to 15.8% in 2024, but climbed more modestly this year to 17.4%, reported CP24. Bernard said, 'There's been some caution that employers have undertaken because the situation could go in multiple directions,' as quoted in the report.Because many companies are cutting costs, and entry-level or short-term roles, like student jobs, are usually the first to go.Possibly. Economists say youth unemployment often signals broader economic downturns ahead, as per the report.
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Time of India
an hour ago
- Time of India
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Time of India
an hour ago
- Time of India
After eggs, now ground beef prices are at record high, here's why, and is Trump behind the steep rise
The cost of ground beef in the United States is beginning to make a dent in the wallets of Americans and weigh down their shopping baskets. In June 2025, the prices of ground beef rose by 10.3% in comparison to the same time in 2024. It surpassed $6 per pound. Meanwhile, the price of steak increased by 12.4% within this period. Before the rise in ground beef prices , egg prices were hitting the roof. Earlier in 2025, egg prices more than doubled in price in April when compared to March 2024, according to TIME. The sharp rise was due to bird flu outbreaks on US farms, which led to over 23 million birds being culled. Meanwhile, in early July 2025, egg prices have fallen back down to $3.78 per dozen from $6.23 in April. Food prices as a whole have been on the rise by 2.7 percent over the last year. Explore courses from Top Institutes in Please select course: Select a Course Category Finance healthcare Cybersecurity Management Others Degree Data Analytics others Artificial Intelligence Technology MBA PGDM MCA Project Management Design Thinking Data Science Digital Marketing Operations Management CXO Data Science Leadership Healthcare Product Management Public Policy Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Over the past 12 months, food prices as a whole have only risen by 2.7%, so what is causing this sharp increase in the price of ground beef? by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 most beautiful women in the world Undo What factors are causing sharp increase in ground beef prices Cattle herd sizes at record low Live Events Amid the prevailing high demand for ground beef products in the US, the supply has been a major issue. There have been only 87 million cattle and calves recorded across the country at the beginning of 2025, according to the American Farm Bureau Federation (AFBF). This signifies that cattle herd sizes are at the lowest in the country they have been for almost 75 years. According to AFBF economist Bernt Nelson, feed steer prices have hit record highs, prompting farmers to sell cattle for meat instead of breeding. Even with high prices, farmers still struggle to make a profit, so many might sell off their remaining cattle because of slim margins. One of the main high costs affecting sustainable profit for cattle ranchers is the price of feed, which ties back to adverse weather from climate change. Drought David Ortega, a food economist and professor at Michigan State University, said, 'One of the main drivers has been the effects of climate change on beef production in the U.S. This is something that doesn't cause prices to rise overnight, so there's a considerable lag involved,' according to TIME. A major drought hit the Great Plains states in 2022, forcing many cattle farms to sell their livestock. 'What that [drought] does is erase feed for producers. There's less forage availability, so they sell a lot of their animals because it becomes very costly to hold on to them,' Ortega further stated. A lot of the sold livestock, often slaughtered and turned into beef products, includes 'breeding stock,' meaning that in the long term, there is less capacity to breed new cows to keep up with consumer demand. Uncertainty due to Trump's tariffs Ortega has said that tariffs have started to play a key role in the rise of beef prices, triggering uncertainty and concerns pertaining to the future. One of the reasons behind the uncertainty is that despite a lot of domestic production, the US still imports a major amount of beef. Earlier in July 2025, President Donald Trump threatened to impose a 50% tariff against Brazil. 'If these do go into effect, or even higher tariffs [are implemented], then I think we're going to see a notable further increase on things like ground beef and hamburger meat,' Ortega said. Brazil is the world's largest exporter of beef. It witnessed an increase in sales of meat to the U.S. this year after a trade war between Washington, D.C., and Beijing escalated. In May, Brazilian exports to the U.S. rose by 20%, and current imports from the country are almost double what they were in June 2024, according to the USDA.
Time of India
an hour ago
- Time of India
India's palm oil imports set to rise in H2 on festival demand & lower prices: IVPA President
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's demand for palm oil is likely to increase in the second half of the year on rising festival demand and lower prices, with total edible oil imports expected to remain at 16 million tonnes during the 2024-25 oil year ending October, Indian Vegetable Oil Producers' Association (IVPA) President Sudhakar Desai said on the total imports, about 9 million tonnes should be palm oil, 4.5 million tonnes soyabean oil, and the remaining 3.5 million tonnes sunflower oil during the current year, Desai told reporters on the sidelines of the 4th edition of the IVPA Global Roundtable here."Edible oil imports in the last six months have been about 7-8 per cent lower, consequent to high prices and fear of cheaper goods in the FTAs. There was no incentive for holding stock. Due to these reasons, it was low," Desai said."But now it is turning. Right now, what's happening is that palm oil, which was actually very expensive, is now becoming cheaper, so palm is back in the import basket," he recent decrease in duties and the influx of zero-duty imports from Nepal not materialising are also expected to boost imports, Desai has also widened the duty differential between crude and refined oils, which helps the domestic industry stock up to maintain the supply chain."With all these market anomalies going away, imports will be good in the next six months. I expect about 16 million tonnes of total imports in 2024-25, which is more or less similar to last year," he the last six months, palm oil imports dropped by about 1.2 million tonnes compared to the previous year as it became more expensive than soyabean and sunflower oils."People were calling it palm olive oil," Desai demand for palm oil will increase during the festival season from August as Durga Puja will commence early in September, he said."So the buying will be peak in August. Normally, it used to be peak in September, but this time it is early August," Desai expects consumption to be at least 10 per cent higher than last year during the festive July, edible oil imports have already shown an uptick with 1.4 million tonnes imported, making up for the earlier shortfall and filling up the distribution pipeline. When palm oil became expensive, the entire HORECA (hotels, restaurants, catering) sector and organised users like Parle, Britannia, and ITC shifted to alternative oils such as rice bran oil."When that reverses and they have to start importing palm oil, then the shift happens back," Desai passing duty cuts to consumers, Desai said the government wants immediate action, which has happened in loose oil. However, there is a lag time of 21-30 days for packaged products."Every company has duty-paid stocks on hand and forward sales. When you look at all these things, the normal catch-up time is about 21-30 days," he said.
