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Unemployment is not only an economic problem but a social problem as well in as much as its consequences are not limited to any one individual As unemployment persists employed workers run the risk of losing their jobs as has been made clear in recent recessions especially the current one Unemployment acts as a drain on the economy siphoning off great human capital potential In this light unemployment must be seen as the greatest failure of modern capitalist economies Unemployment is one of the worst problems that the Canadian economy has to deal with The Canadian unemployment rate fluctuates from year to year but at almost all times it was higher then the USA unemployment rate The current unemployment factor has created a negative impact on the growth of the Canadian economy The recession in the 1990s caused a high rise in the unemployment rate and since then it hasnt improved by much and it remains at a crisis level Canadas unemployment rate is around 7 to 8 percent but the Maritime Provinces and Quebec have it even worse If discouraged workers were taken into account the rate would be closer to 12 percent This shows that almost 700 000 Canadians are not working and are not producing their possible economic output This high rate of unemployment is detrimental to the Canadian economy because it results in a high-lost potential output waste of skills and a weaker economy The youth ages 15-24 unemployment rate is another factor that is weakening the economy It has increased considerably since the before the recession and it is now almost 17 percent which is more then double the overall unemployment rate The labour force participation rate comprised of working age Canadians who are either working or seeking employment has fallen to about 65 percent in 1998 down 25 percent from the early 1990s This high unemployment rate has been partly caused by the recession
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