Unprecedented rise in joblessness among young university-educated males
In the Canadian province of Quebec, a notable shift in the job market is underway, particularly affecting young university-educated men. The unemployment rate for this demographic is 1.7 times higher than that of their female counterparts with the same educational profile. This increase is due to a combination of economic slowdown and increased temporary immigration, according to recent reports.
Amidst this unemployment rise, the aging population in Quebec promises continued growth in employment within the health and social assistance sector. In fact, nearly half of the jobs created in recent years in Quebec have been in these sectors, which have a high proportion of workers with at least a bachelor's degree.
Interestingly, the proportion of men aged 25 to 54 with a university degree has doubled over the past 35 years, while that of women has quadrupled. This growth in university-educated workers has led to an interesting wage gap at the start of careers, with university graduates earning 25% more than high school graduates for men and 35% more for women. However, this advantage increases over time, reaching 62% for men and 60% for women mid-career (45-59 years old).
The unemployment rate for young women aged 22 to 26 with a university degree in Quebec increased from 3% in 2023 to an average of 6.6% during the first six months of this year. This increase, while concerning, is notably higher for men.
School dropout among younger students, particularly boys, is a concerning issue. The danger in the current context is that young men may consider not investing in studies due to the perceived lack of promised benefits. On the contrary, university studies help climb the corporate ladder and gain easier access to promotions. They also facilitate adaptation to economic transformations, driven notably by the rapid evolution of new technologies.
In an effort to address the unemployment issue, Quebec has recently reopened the door to permanent immigration, ending a moratorium on the Quebec Skilled Worker Program that was in place since last October. This move is expected to provide a fresh influx of skilled workers into the province, potentially alleviating some of the pressure on the job market.
Meanwhile, on the international front, Russia proposed a "new idea" to the US on Ukraine during a meeting between the Russian foreign minister and his US counterpart in Malaysia. The details of this proposal remain unclear at this time.
In other news, Taylor Swift, the popular American singer, has achieved a significant victory after a long battle. The exact nature of this victory is not specified in the available reports.
