The unemployment rate says everything is fine. So why does finding a job feel impossible?

Canada has added nearly 200,000 jobs and unemployment sits around 6.5%. On paper, that’s a “normal” economy. But talk to young workers, or anyone trying to switch jobs, and you’ll hear a very different story: hundreds of applications, zero callbacks, and months of silence.

In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down the hidden story behind the headlines. They explain why low unemployment can mask a frozen job market — one with fewer layoffs, fewer hires, and far fewer opportunities for people trying to get in.

If you’re a recent grad, stuck in your career, or wondering why the economy feels worse than the data suggests, this episode is for you.

Tell us in the comments: How long has your job search taken? Has it been harder than expected?

Chapters:

00:00 – Why Finding a Job in Canada Feels Impossible Right Now

01:57 – Beyond Unemployment: The Hidden Labour Market Indicators

05:28 – Why Employers Have the Upper Hand Right Now

06:12 – Global Uncertainty, Trade Tensions & Hiring Freezes

07:26 – The "Low-Hire, Low-Fire" Equilibrium Explained

10:21 – How Over-Regulation Stifles Economic Growth

13:06 – The Systemic Impact of Locking Out a Generation

14:20 – The Housing Theory of Everything

Research:

Consulting the Magic 8 Ball of Canada’s Job Market

The Job Market Is Frozen:Unemployment is low, but workers aren’t quitting and businesses aren’t hiring. What’s going on?

Canada’s shifting labour market: Recalibrating ‘breakeven employment’

Glassdoor Worklife Trends 2025

Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000) 1, 2, 3, 4

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.