• China youth employment internship

    This video is part of a series on youth employment in China. It shows how the internship and apprenticeship programme helps young people address the catch 22 of finding a job and gaining work experience. It highlights the productivity gains of work experience measures for young people and for enterprises. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm

    published: 01 Dec 2016
  • China youth employment entrepreneurship

    This video is part of a series on youth employment in China. It depicts the challenge of graduate unemployment and what measures the Government has put in place to address it through the promotion of entrepreneurship. It also offers advice for young graduates. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm

    published: 01 Dec 2016
  • China youth employment village officials

    This video is part of a series on youth employment in China. It shows the experience of a “village official” in China; whereby a young graduate has shared his experience and helped develop a successful steamed bun business in a rural area, helping boost the local economy. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm

    published: 01 Dec 2016
  • ILO Youth Employment National Event: Beijing, China

    ILO Youth Employment Month China National Event, 7 April 2012 This video was produced by the Chinese TV CCTV 9 To learn more, please visit: www.ilo.org/youth

    published: 16 Apr 2012
  • Graduation series: Challenges for China's job hunters

    CCTV America's 'Graduation' series: Challenges facing U.S. graduates http://english.cntv.cn/program/bizasiaamerica/20130611/102907.shtml

    published: 13 Jun 2013
  • China Youth Employment Village Officials: Taobao village official

    This video is part of a series on youth employment in China. It presents the programme of “Village officials” which invites young graduates from across the country to live temporarily in a village, sharing their knowledge and experience; and encouraging business development - such as a successful online venture for agricultural products. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm

    published: 01 Dec 2016
  • Youth in China’s Xinjiang seeking better employment opportunities

    More and more people from the far southern and western parts of Xinjiang Uyghur Autonomous Region are now on the move seeking jobs. Over 28 hundred people from Xinjiang have settled in the south of the country for better jobs and a better chance of life. For many young Uyghurs, labor export programs have provided not only work opportunities, but also a chance to change their lives. Subscribe us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNEWSbeijing Tumblr: http://cct...

    published: 21 Jan 2015
  • Why Can't Young People Find Jobs?

    Are We Nearing The End Of Capitalism? http://testu.be/1OMF6Qh Subscribe! http://bitly.com/1iLOHml With the global population set to rise, youth unemployment is becoming a huge issue. But why are so many young people out of jobs? Learn More: Toward Solutions for Youth Employment http://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_413826.pdf "When you think of your first job, you probably remember brimming with energy and optimism. " GLOBAL EMPLOYMENT TRENDS 2014 http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_233953.pdf "The uneven economic recovery and successive downward revisions in economic growth projections have had an impact on the global employment situation." Is America Saturated with Col...

    published: 26 Oct 2015
  • The Worst Internship Ever: Japan’s Labor Pains

    Japan is facing a serious labor shortage, a problem that can be traced back to an aging population and a prevailing fear that immigrants will dilute the country’s pure gene pool. In order to keep the world’s third-largest economy afloat, the Japanese government offers an internship program that attracts foreign workers from China, Vietnam, and the Philippines. The program, which allows workers to stay for three years, is advertised as providing laborers with transferrable new skills for when they return home. VICE News recently traveled to Japan to investigate the internship program. We found that many interns are underpaid, saddled with insurmountable debt, and forced into a form of indentured servitude. Many are illegally placed as oyster shuckers, construction workers, and other unskil...

    published: 30 Apr 2015
  • Report in short: Youth employment in 2016

    With youth unemployment again on the rise, authors of the ILO’s World Employment and Social Outlook “Trends for Youth” report, Steven Tobin and Stefan Kuehn look at how young people are doing in the world of work and what their prospects are for the future.

    published: 25 Aug 2016
  • China’s recent graduates face tougher job market

    June is a graduation season, and the last shot for job hunting. As the number of graduates rises, graduates nationwide are facing shirking employment demand and fierce competition in job hunting. CCTV’s He Weiwei reports.

    published: 05 Jul 2016
  • How Japan’s Economy Is Destroying Its Youth

    Why Japan's Youth Are Becoming Hermits - http://testu.be/1L3osKn Subscribe! http://bitly.com/1iLOHml Japan’s cultural pressures have forced almost a million young men into their bedrooms. So, how is Japan’s economy destroying their youth? Learn More: Hikikomori: Why are so many Japanese men refusing to leave their rooms? http://www.bbc.com/news/magazine-23182523 “As many as a million young people in Japan are thought to remain holed up in their homes - sometimes for decades at a time.” The Herbivore's Dilemma http://www.slate.com/articles/news_and_politics/foreigners/2009/06/the_herbivores_dilemma.htmlRyoma Igarashi likes going for long drives through the mountains, taking photographs of Buddhist temples and exploring old neighborhoods.” Japan’s Economic Dilemma: Com...

    published: 14 Jul 2015
  • Youth unemployment rate rising in Korea, falling in Japan 한국 청년 실업률 상상... 일본은

    Korea′s youth unemployment rate is on the rise, but the opposite is true in Japan, where the youth unemployment rate has been dropping over the last couple of years. Kwon Soa tells us why. Disappointing figures in Korea showed that last month′s unemployment rate for people ages 15 to 29... ...was at the lowest ever recorded in the month of April,... since the data were first compiled in 1999. Earlier this week, government data showed that the number of Koreans in their twenties and thirties with no job experience at all... had reached a 12-year high. And recently, the OECD reported that Korea′s first quarter youth unemployment rate stood at 10-point-9 percent,... while Japan′s came in at 6-point-1 percent. What′s more, is that the numbers in Japan have been improving since the second half...

    published: 20 May 2015
  • BBC News China graduates face tough job market as youth unemployment rises

    published: 28 Jun 2013
  • Employment remains a big issue in China

    Latest figures show that in 2016 China managed to create more than 13 million urban jobs for the fourth consecutive year. The registered unemployment rate in Chinese cities stood at just over 4%. The figures are encouraging but obstacles remain. How can one maintain the employment rate in a reasonable range against sagging economic growth is still a challenge for the Chinese government. Joining Liu Xin were Prof. Zheng Zhenzhen from the Chinese Academy of Social Sciences; Mr. Mike Bastin, a Senior Lecturer at Southampton Solent University; and Mr. Tang Min, a counsellor in the State Council. Subscribe to us on YouTube: https://goo.gl/lP12gA Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/d...

    published: 04 Mar 2017
  • Jobless Canada part 02

    Only 50% Of Canadians Have Jobs, The Unemployment Pandemic Last week the Canadian government released a new round of employment numbers. They weren’t stellar, but they weren’t bad – 7% unemployment. Now that’s almost twice as high as China, and a couple of points above the US, but once again not terrible. Although, a closer inspection revealed that only half of people in Canada have a source of income. If that weren’t bad enough, that number is rapidly rising. Unemployment stats fail to reflect a significant number of people that just don’t work. Unfortunately, this will change the future of our economy, and Canada in general – and not in a good way. Cooking The Employment Books You’ve heard the term unemployment, but you likely don’t know how we get that number. If you do, great! If no...

    published: 04 Jan 2017
China youth employment internship

China youth employment internship

  • Order:
  • Duration: 4:19
  • Updated: 01 Dec 2016
  • views: 71
videos
This video is part of a series on youth employment in China. It shows how the internship and apprenticeship programme helps young people address the catch 22 of finding a job and gaining work experience. It highlights the productivity gains of work experience measures for young people and for enterprises. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm
https://wn.com/China_Youth_Employment_Internship
China youth employment entrepreneurship

China youth employment entrepreneurship

  • Order:
  • Duration: 4:55
  • Updated: 01 Dec 2016
  • views: 73
videos
This video is part of a series on youth employment in China. It depicts the challenge of graduate unemployment and what measures the Government has put in place to address it through the promotion of entrepreneurship. It also offers advice for young graduates. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm
https://wn.com/China_Youth_Employment_Entrepreneurship
China youth employment village officials

China youth employment village officials

  • Order:
  • Duration: 6:07
  • Updated: 01 Dec 2016
  • views: 125
videos
This video is part of a series on youth employment in China. It shows the experience of a “village official” in China; whereby a young graduate has shared his experience and helped develop a successful steamed bun business in a rural area, helping boost the local economy. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm
https://wn.com/China_Youth_Employment_Village_Officials
ILO Youth Employment National Event: Beijing, China

ILO Youth Employment National Event: Beijing, China

  • Order:
  • Duration: 5:15
  • Updated: 16 Apr 2012
  • views: 489
videos
ILO Youth Employment Month China National Event, 7 April 2012 This video was produced by the Chinese TV CCTV 9 To learn more, please visit: www.ilo.org/youth
https://wn.com/Ilo_Youth_Employment_National_Event_Beijing,_China
Graduation series: Challenges for China's job hunters

Graduation series: Challenges for China's job hunters

  • Order:
  • Duration: 6:29
  • Updated: 13 Jun 2013
  • views: 2370
videos
CCTV America's 'Graduation' series: Challenges facing U.S. graduates http://english.cntv.cn/program/bizasiaamerica/20130611/102907.shtml
https://wn.com/Graduation_Series_Challenges_For_China's_Job_Hunters
China Youth Employment Village Officials: Taobao village official

China Youth Employment Village Officials: Taobao village official

  • Order:
  • Duration: 4:08
  • Updated: 01 Dec 2016
  • views: 102
videos
This video is part of a series on youth employment in China. It presents the programme of “Village officials” which invites young graduates from across the country to live temporarily in a village, sharing their knowledge and experience; and encouraging business development - such as a successful online venture for agricultural products. For more information on the ILO's commitment to promote decent work for youth, visit http://www.ilo.org/global/topics/youth-employment/lang--en/index.htm
https://wn.com/China_Youth_Employment_Village_Officials_Taobao_Village_Official
Youth in China’s Xinjiang seeking better employment opportunities

Youth in China’s Xinjiang seeking better employment opportunities

  • Order:
  • Duration: 2:48
  • Updated: 21 Jan 2015
  • views: 570
videos
More and more people from the far southern and western parts of Xinjiang Uyghur Autonomous Region are now on the move seeking jobs. Over 28 hundred people from Xinjiang have settled in the south of the country for better jobs and a better chance of life. For many young Uyghurs, labor export programs have provided not only work opportunities, but also a chance to change their lives. Subscribe us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNEWSbeijing Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing
https://wn.com/Youth_In_China’S_Xinjiang_Seeking_Better_Employment_Opportunities
Why Can't Young People Find Jobs?

Why Can't Young People Find Jobs?

  • Order:
  • Duration: 3:44
  • Updated: 26 Oct 2015
  • views: 184528
videos
Are We Nearing The End Of Capitalism? http://testu.be/1OMF6Qh Subscribe! http://bitly.com/1iLOHml With the global population set to rise, youth unemployment is becoming a huge issue. But why are so many young people out of jobs? Learn More: Toward Solutions for Youth Employment http://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_413826.pdf "When you think of your first job, you probably remember brimming with energy and optimism. " GLOBAL EMPLOYMENT TRENDS 2014 http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_233953.pdf "The uneven economic recovery and successive downward revisions in economic growth projections have had an impact on the global employment situation." Is America Saturated with College Grads? http://www.forbes.com/sites/ccap/2010/12/20/is-america-saturated-with-college-grads/ "Walk into any introductory economics class across the country and it won't take you long to hear about the law of diminishing marginal returns." Why there's little hope for Greece's unemployed http://www.telegraph.co.uk/finance/economics/11554873/Why-theres-little-hope-for-Greeces-unemployed.html "If you want evidence of how dire the situation is in Greece, just look at its long-term unemployment figures." Music Track Courtesy of APM Music: "Reiteration" Subscribe to TestTube News! http://bitly.com/1iLOHml _________________________ TestTube News is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in. Watch more TestTube: http://testtube.com/testtubenews Subscribe now! http://www.youtube.com/subscription_center?add_user=testtubenetwork TestTube on Twitter https://twitter.com/TestTube Trace Dominguez on Twitter https://twitter.com/TraceDominguez TestTube on Facebook https://facebook.com/testtubenetwork TestTube on Google+ http://gplus.to/TestTube Download the New TestTube iOS app! http://testu.be/1ndmmMq Special thanks to Laura Ling for hosting TestTube! Check Laura out on Twitter: https://twitter.com/lauraling
https://wn.com/Why_Can't_Young_People_Find_Jobs
The Worst Internship Ever: Japan’s Labor Pains

The Worst Internship Ever: Japan’s Labor Pains

  • Order:
  • Duration: 15:41
  • Updated: 30 Apr 2015
  • views: 1399459
videos
Japan is facing a serious labor shortage, a problem that can be traced back to an aging population and a prevailing fear that immigrants will dilute the country’s pure gene pool. In order to keep the world’s third-largest economy afloat, the Japanese government offers an internship program that attracts foreign workers from China, Vietnam, and the Philippines. The program, which allows workers to stay for three years, is advertised as providing laborers with transferrable new skills for when they return home. VICE News recently traveled to Japan to investigate the internship program. We found that many interns are underpaid, saddled with insurmountable debt, and forced into a form of indentured servitude. Many are illegally placed as oyster shuckers, construction workers, and other unskilled positions. And, despite international condemnation, Japan plans to use thousands of new foreign interns to build the infrastructure for the 2020 Olympics in Tokyo. Watch "The High Cost of Cheap Clothes” - http://bit.ly/1FuOFOv Watch "Japan vs. the Islamic State” - http://bit.ly/1MrBYU3 Read "How the Sharing Economy Could Make the Labor Movement More Relevant” - http://bit.ly/1DxvPQB Subscribe to VICE News here: http://bit.ly/Subscribe-to-VICE-News Check out VICE News for more: http://vicenews.com Follow VICE News here: Facebook: https://www.facebook.com/vicenews Twitter: https://twitter.com/vicenews Tumblr: http://vicenews.tumblr.com/ Instagram: http://instagram.com/vicenews More videos from the VICE network: https://www.fb.com/vicevideos
https://wn.com/The_Worst_Internship_Ever_Japan’S_Labor_Pains
Report in short: Youth employment in 2016

Report in short: Youth employment in 2016

  • Order:
  • Duration: 2:46
  • Updated: 25 Aug 2016
  • views: 2361
videos
With youth unemployment again on the rise, authors of the ILO’s World Employment and Social Outlook “Trends for Youth” report, Steven Tobin and Stefan Kuehn look at how young people are doing in the world of work and what their prospects are for the future.
https://wn.com/Report_In_Short_Youth_Employment_In_2016
China’s recent graduates face tougher job market

China’s recent graduates face tougher job market

  • Order:
  • Duration: 2:08
  • Updated: 05 Jul 2016
  • views: 637
videos
June is a graduation season, and the last shot for job hunting. As the number of graduates rises, graduates nationwide are facing shirking employment demand and fierce competition in job hunting. CCTV’s He Weiwei reports.
https://wn.com/China’S_Recent_Graduates_Face_Tougher_Job_Market
How Japan’s Economy Is Destroying Its Youth

How Japan’s Economy Is Destroying Its Youth

  • Order:
  • Duration: 2:26
  • Updated: 14 Jul 2015
  • views: 404052
videos
Why Japan's Youth Are Becoming Hermits - http://testu.be/1L3osKn Subscribe! http://bitly.com/1iLOHml Japan’s cultural pressures have forced almost a million young men into their bedrooms. So, how is Japan’s economy destroying their youth? Learn More: Hikikomori: Why are so many Japanese men refusing to leave their rooms? http://www.bbc.com/news/magazine-23182523 “As many as a million young people in Japan are thought to remain holed up in their homes - sometimes for decades at a time.” The Herbivore's Dilemma http://www.slate.com/articles/news_and_politics/foreigners/2009/06/the_herbivores_dilemma.htmlRyoma Igarashi likes going for long drives through the mountains, taking photographs of Buddhist temples and exploring old neighborhoods.” Japan’s Economic Dilemma: Comfortable Decline or Painful Revival? http://www.wsj.com/articles/japans-economic-dilemma-comfortable-decline-or-painful-revival-1417640405 ““Recession,” “stagnation,” “slump,” were the ominous labels I constantly read describing Japan before I moved here in late 2009.” Subscribe to TestTube Daily! http://bitly.com/1iLOHml _________________________ TestTube News is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in. Watch more TestTube: http://testtube.com/testtubenews Subscribe now! http://www.youtube.com/subscription_center?add_user=testtubenetwork TestTube on Twitter https://twitter.com/TestTube Trace Dominguez on Twitter https://twitter.com/TraceDominguez TestTube on Facebook https://facebook.com/testtubenetwork TestTube on Google+ http://gplus.to/TestTube Download the New TestTube iOS app! http://testu.be/1ndmmMq Special thanks to Julia Wilde for hosting TestTube! Check Julia on Twitter: https://twitter.com/Julia_SCI
https://wn.com/How_Japan’S_Economy_Is_Destroying_Its_Youth
Youth unemployment rate rising in Korea, falling in Japan   한국 청년 실업률 상상... 일본은

Youth unemployment rate rising in Korea, falling in Japan 한국 청년 실업률 상상... 일본은

  • Order:
  • Duration: 1:58
  • Updated: 20 May 2015
  • views: 979
videos
Korea′s youth unemployment rate is on the rise, but the opposite is true in Japan, where the youth unemployment rate has been dropping over the last couple of years. Kwon Soa tells us why. Disappointing figures in Korea showed that last month′s unemployment rate for people ages 15 to 29... ...was at the lowest ever recorded in the month of April,... since the data were first compiled in 1999. Earlier this week, government data showed that the number of Koreans in their twenties and thirties with no job experience at all... had reached a 12-year high. And recently, the OECD reported that Korea′s first quarter youth unemployment rate stood at 10-point-9 percent,... while Japan′s came in at 6-point-1 percent. What′s more, is that the numbers in Japan have been improving since the second half of 2013. This has a lot to do with Japan′s trend toward ″reshoring,″ in which a growing number of Japanese companies that had production bases abroad... are returning to Japan,... creating more jobs in the domestic manufacturing sector. Experts say the reshoring drive was prompted by the weak yen and rising labor costs in countries such as China and Southeast Asia. Renowned Japanese firms like automaker Nissan, electronics makers Panasonic and Sharp have already announced plans to bring some manufacturing back to Japan. But in Korea, the opposite is happening,... as big-name companies expand their businesses abroad. For example, top automakers Hyundai Motor and Kia Motors saw their overseas output jump ten-fold between 2004 and 2014. While many agree that Korea needs to continue expanding its economic territory abroad, they′ve also emphasized a need to address the negative effect on young job seekers... as companies reduce the number of new recruits. Kwon Soa, Arirang News.
https://wn.com/Youth_Unemployment_Rate_Rising_In_Korea,_Falling_In_Japan_한국_청년_실업률_상상..._일본은
BBC News  China graduates face tough job market as youth unemployment rises

BBC News China graduates face tough job market as youth unemployment rises

  • Order:
  • Duration: 1:08
  • Updated: 28 Jun 2013
  • views: 303
videos
https://wn.com/BBC_News_China_Graduates_Face_Tough_Job_Market_As_Youth_Unemployment_Rises
Employment remains a big issue in China

Employment remains a big issue in China

  • Order:
  • Duration: 14:17
  • Updated: 04 Mar 2017
  • views: 341
videos
Latest figures show that in 2016 China managed to create more than 13 million urban jobs for the fourth consecutive year. The registered unemployment rate in Chinese cities stood at just over 4%. The figures are encouraging but obstacles remain. How can one maintain the employment rate in a reasonable range against sagging economic growth is still a challenge for the Chinese government. Joining Liu Xin were Prof. Zheng Zhenzhen from the Chinese Academy of Social Sciences; Mr. Mike Bastin, a Senior Lecturer at Southampton Solent University; and Mr. Tang Min, a counsellor in the State Council. Subscribe to us on YouTube: https://goo.gl/lP12gA Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/ChinaGlobalTVNetwork/ Instagram: https://www.instagram.com/cgtn/?hl=zh-cn Twitter: https://twitter.com/CGTNOfficial Pinterest: https://www.pinterest.com/CGTNOfficial/ Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing
https://wn.com/Employment_Remains_A_Big_Issue_In_China
Jobless Canada part 02

Jobless Canada part 02

  • Order:
  • Duration: 22:23
  • Updated: 04 Jan 2017
  • views: 1837
videos
Only 50% Of Canadians Have Jobs, The Unemployment Pandemic Last week the Canadian government released a new round of employment numbers. They weren’t stellar, but they weren’t bad – 7% unemployment. Now that’s almost twice as high as China, and a couple of points above the US, but once again not terrible. Although, a closer inspection revealed that only half of people in Canada have a source of income. If that weren’t bad enough, that number is rapidly rising. Unemployment stats fail to reflect a significant number of people that just don’t work. Unfortunately, this will change the future of our economy, and Canada in general – and not in a good way. Cooking The Employment Books You’ve heard the term unemployment, but you likely don’t know how we get that number. If you do, great! If not, basically the government determines who’s working by conducting a casual census-like survey. 50,000 households get contacted, and they ask them about their employment. You can probably see how this is imperfect. If your husband/wife/partner has been looking for a job for a while, you have two answers. You can tell a stranger about their struggle to find work, or you can just say they aren’t looking. If you say they aren’t looking, they’re deemed a non-participant of the labour market. Now the problem is, the number of participants of the labour market is dropping fast. The latest report cited that this is the lowest number in the 15 years of data that StatsCan provides – only 65.5%. That’s only 19.4 million “participants”, out of 29.3 million eligible Canadians. The 7% unemployment is removed from that number, leaving us with 18.063 million employed Canadians. That’s 50.3% of the population in case you’re curious. Canadians Are “Opting Out” Of Work More and more Canadians are becoming non-participants, and “opting out” of working. Although, this may not be as voluntary as the government would like you to believe. After you remove seniors and children, there’s 24.3 million Canadians that could be working. Sure, there’s stay at home parents, and people taking sabbaticals to recharge. Although, 25.6% is a little high considering we don’t have many stay at home parents with 2 kids and one income these days. And let’s be honest, 6.2 million lottery winners and independently wealthy individuals seems like a stretch too. Millennials Get ShaftedAgain One significant demographic that should be watched closely here is Millennials. No, not because they aren’t being paid enough to live in the two major cities with job growth in Canada. Unemployment for people under the age of 24 looking for jobs is a whopping 13.2%, almost twice the national average. Unfortunately, it’s hard to tell how they do after they hit 25 – we just bulk them in with everyone else up to 65 years of age. The good news is, that demographic only has a 6% unemployment rate. The bad news is, someone doesn’t hand you a job as soon as you hit 25. This means the rate is most likely skewed to be employed if you’re a Boomer, and less so if you’re a Millennial. How Does This Impact Real Estate This crunch on youth will impact homebuyers in a way most people haven’t thought about. Currently in a city like Toronto, the average homebuyer is 36 years of age. This means they likely entered the workforce around the year 2000, when dinosaurs roamed the earth. Way back in 2000, there were 1.305 million people under the age of 25 working full-time. This kept university debt low, and allowed almost 16 years of savings for a down payment on a home. Fast forward 16 years, that same demographic has 2.1% less jobs, but is 7% larger. Bottom line, there are 326k more people that will need to delay their financial goals by at least 5 years. This would make that 36 year old Toronto buyer at least 41 when they can afford to purchase a home, likely causing a gap of first time buyers. You know, unless we import them – but that would never happen, right? An increasing number of people “opting out” isn’t just a hit to their bank accounts, it’s a hit to Canada. It decreases the number of people generating maximum economic output, prevents cash flowing through the economy, and doesn’t generate tax revenue for the country. More important, if youth are suppose to be the future, we’re not setting them up to have a very good one. For the most part, Millennials want to work, but Canada isn’t fostering innovation or industry which creates meaningful employment. Millennials just want the same thing Boomers had when they were younger, full-time, secure employment, with decent benefits, and a high enough pay cheque that they can start a family, buy a home, and save for retirement. Seems like a pretty fair thing to expect.
https://wn.com/Jobless_Canada_Part_02