Stress Test No jobs in this economy: Why the labour market is so brutal right now
24 snips
Nov 5, 2025 In this insightful discussion, Matt Lundy, Economics editor at The Globe and Mail, delves into the harsh realities of the job market for young Canadians, revealing youth unemployment nearing 15%. He highlights how economic uncertainty and rising AI influence hiring practices, pushing applicants to send dozens of resumes with minimal replies. Lundy warns of the long-term scarring effects of graduating in economic downturns, while offering practical advice on patience and skill-building to enhance job prospects.
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Recent Grad's Long Application Grind
- Tashira, a 24-year-old Calgary grad, sent 50–100 applications since January and mostly received automated rejections.
- She works 25 hours at a factory, carries $36,000 in student debt, and is doing an unpaid internship while networking to break into marketing.
Lost Offer And Network Hustle
- Matthew, a 21-year-old finance grad from Western, built internships and student roles but lost an offer to a hiring freeze and has been applying since summer.
- He emphasizes networking and coffee chats to stand out amid many applicants with similar resumes.
Fewer Vacancies, Bigger Youth Impact
- Matt Lundy notes youth unemployment is nearly 15%, comparable to 2010 levels and much higher than core workers.
- He links the decline in job vacancies (1,000,000 to ~470,000) to cooling from rate hikes and trade uncertainty.