New grads are struggling to find work

Businesses grappling with the effects of high interest rates are pulling back on hiring, making it tough for new graduates to land jobs, says a recent RBC report. Canada boasts the most educated workforce among the G7 nations, yet having a degree doesn't always guarantee a foot in the door. Unlike past recessions, it's young Canadians who are primarily swelling the national unemployment rate, not due to layoffs but because companies are hiring slower. “People who graduate during a recession are worse off,” Carrie Freestone, an economist at RBC, told The Peak. She notes that when it takes longer to find work after graduation, it can delay career milestones far into the future. Plus, many young workers are also finding themselves overqualified for the roles they do land. But there's a silver lining for recent grads: The job market is expected to pick up towards the year's end, according to RBC, as businesses are expected to feel less pressure from high prices with anticipated interest rate cuts.