Intermediate Macro Assignment #1 - Figure 2.12 Canadian Unemployment Rates by Demographic Group 1976-2014 19 17 15 13 Unemployment Rate Males 11 Females

Intermediate Macro Assignment #1 - Figure 2.12 Canadian...

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Figure 2.12 Canadian Unemployment Rates by Demographic Group, 1976-2014 5 7 9 11 13 15 17 19 Males Females Aged 15-24 All Year Unemployment Rate
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Source: Adapted from the Statistics Canada CANSIM II database, Series V20464894 (All), V2064903 (males), V2064912 (females), and V2064921 (aged 15–24). The above graph shows unemployment rates in Canada by demographic from 1976-2014. First, one can observe the significant difference in unemployment rate between teens and the rest of the Canadian population. Historically, this rate (aged 25-24) has been known to be higher than the unemployment rate of adults. This problem is often a subject of discussion, however, this high unemployment rate is typically associated with the lack of experience and qualifications that teens posses, in which employers are looking for. Second, it’s evident that unemployment rates across all categories spiked during similar points in time, collectively reaching their high in times of economic recession. The early recessions in the 1980’s, 1990’s and the most recent one in 2008 resulted in an increase in the the unemployment rate. In addition, one can observe the contrast between male and female unemployment rates. Since 1976, the unemployment rate for males has mostly been higher than females. Ultimately, one can recognize the unemployment rate across all categories, fluctuates with regards to current economic circumstances. Figure 2.13 Canadian Unemployment Rates by Region, 1976-2014
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3 5 7 9 11 13 15 17 Maritimes and Newfoundland Central Canada Praires Western Canada Year Unemployment Rate Source: Statistics Canada CANSIM II database, Series V2065083 (Newfoundland unemployment), V2065272 (P.E.I. unemployment), V2065461 (N.S. unemployment), V2065650 (N.B. unemployment), V2065839 (Quebec unemployment), V2066028 (Ontario unemployment), V2066217 (Manitoba unemployment), V2066406 (Saskatchewan unemployment), V2066595 (Alberta unemployment), and V2066783 (B.C. unemployment). The above graph shows Canadian unemployment rates by region from 1976-2014. The unemployment rate differs from the East to West coast, however, they all share somewhat similar patterns. First, one can observe that the Maritimes, including Newfoundland, have consistently had the highest unemployment rates. This problem is mainly associated with the regions lack of resources as well as manufacturing sector, resulting in high unemployment rates. Second, the graph shows parts of Western Canada, including the Prairies, have had much lower rates of unemployment. These provinces are largely a commodity based sector (oil/agriculture), resulting in a lower rate of unemployment. However, the recent collapse in crude oil prices is driving up unemployment in Canada’s oil sensitive regions. Lastly, Central Canada, having a large
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