A recent report from CIBC suggests that the high unemployment rate among high school students may be making Canada's job market look worse than it actually is.
According to Statistics Canada, the unemployment rate for people aged 15 to 19 hit about 22% in March. However, CIBC argues that including teenagers still in school who are unable to find a job may not accurately reflect the labor market's health, especially when compared to older jobseekers supporting families.
When high school students are removed from the data, the unemployment rate drops from 6.7% to 6.2%. While some high school students need to work to support themselves or their families, the report emphasizes that policy-makers should focus on young people not in school and not working or looking for work. This vulnerable segment, about 470,000 people, has remained steady as a share of the population since 2019.
The report highlights the importance of targeting support for those who are truly detached from the labor market, rather than being skewed by student job seekers.
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