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Canada’s employment rates are gradually recovering following the 2020 drop, according to the latest Statistics Canada data.
In 2023, employment rates were 62.7 per cent, slightly below 2019’s level of 62.9 per cent.
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The lowest employment rates across those years were for those with no degree, certificate or diploma. Employment rates for this group hit a low of 30.1 per cent in 2020 and recovered to 32.4 per cent in 2023.
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High school graduates also saw a significant drop in 2020, falling to 51.7 per cent from 55.8 per cent in 2019. In 2023, employment rates made a smaller recovery to 53.9 per cent.
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Those with post-secondary certificates or diplomas proved more resilient, peaking at an employment rate of 68.8 per cent in 2019, before dropping to 63.9 per cent in 2020 and recovering to 65.9 per cent last year.
Those with university degrees consistently demonstrated the highest employment rates, starting at 74.0 per cent in 2019, slightly declining in 2020 to 71.3 per cent, before recovering and stabilizing at 74.4 per cent last year.
Those with degrees above bachelor’s level showed a more significant increase from 73.9 per cent in 2019 to 75.1 per cent in 2023, showing a clear correlation between the level of education and employment rates.
Canada’s unemployment rate increased 0.1 per cent in February, reaching 5.8 per cent.
Not all education is equal however, and a new analysis has shed light on the employment prospects across different fields of study in the U.S.
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Based on data from the New York Federal Reserve, and current up to February 2024, the analysis from Visual Capitalist focuses on U.S. college majors and the rates of unemployment and underemployment among recent graduates.
Majors related to the arts, such as art history, liberal arts and fine arts, lead the list with the highest unemployment rates at around eight per cent for recent graduates.
For the graduates that have found work, more than 50 per cent face underemployment, with jobs that either don’t fully utilize their skills or are part-time.
Surprisingly, aerospace engineering majors have an unemployment rate of 7.8 per cent, despite the typical stability associated with engineering fields.
This may be due to the industry’s concentration around a few large companies and the requirement for security clearances. Those who did find employment in the field fared well, however, with around 18 per cent considered unemployed.
Similarly, more than six per cent of physics majors are unemployed, and more than 31 per cent are underemployed.
Other majors, such as History, English and Mass Media also feature high on the list, with unemployment rates hovering around seven per cent.
The average unemployment rate across all majors is 3.5 per cent, with an average underemployment rate of 40.3 per cent, highlighting the broader challenges recent graduates face in the job market across various sectors.
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