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January 24, 2022

You won't believe how high Spain's youth unemployment rate is

The years including and following 2008 have not been kind to Canadian youths, who've faced a soaring unemployment rate in their most vulnerable years.

After graduation, when careers are supposed to be born, they have miscarried in Canada, where many have been snuffed out before they began.

Early in 2008, the unemployment rate among 15-to-24-year-olds in Canada stood at 11.1 per cent, where it'd been for about two years straight. Since? We've peaked at 16.4 per cent, before settling in just under 15 per cent, as of last count.

But you think that's bad? It's tough for every Canadian youth, yes, but thank your lucky maple leaves you're not testing the job market in Spain.

According to the latest release from the Spanish government, the youth unemployment rate (16-to-24-year-olds here) came in at 55 per cent, and even that's down from a rate of 56.5 per cent last November.

*Bing: Tips for young people to get a job

Not that the rest of the country's doing so hot. Spain's total unemployment rate is right around 26.6 per cent, which means that more than two youths are unemployed for every adult that is in Spain.

We know how those figures stack up against Canada's, though is comparing Spain's youth unemployment to Canada's fair?

You might say no. This is Canada, the thinking goes. Our banking sector held up quite well during the downturn, so our economy's a bit of a model for the world.

That may hold water. Though all it takes is a step back to note how preposterous Spain's youth unemployment rate really is.

According to the International Labour Organization, the global youth unemployment rate stood around 12.6 per cent last year.

So, in other words, 12.6 per cent is typical for a youth unemployment rate in 2012. How crazy does Spain's 55 per cent figure seem now?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...