In terms of job losses the recession is obviously getting worse. However, these job losses mean that companies are getting meaner and leaner so the stock market is actually doing better these days. The decline in oil exploration and the decline in the price of oil is obviously having a big effect on the boom in Alberta. It now seems close to a bust but other provinces such as Ontario in the auto belt are also suffering.
EI figures keep rising as jobs disappear
Last Updated: Tuesday, April 28, 2009 11:19 AM ET
The number of Canadians getting employment insurance benefits grew in February by 44,300, or 7.8 per cent, when compared to the previous month, Statistics Canada said Tuesday.
Since job growth wilted beginning in October 2008, the number of regular EI beneficiaries has climbed 21.9 per cent to hit 610,200 in February.
"Over the same period, the number of regular EI beneficiaries has increased in almost all provinces and territories, with the largest percentage gains in Alberta, British Columbia and Ontario," Statistics Canada reported.
To get EI benefits, individuals must first submit a claim. In February, there were 325,700 claims received, the highest number on records dating back to 1997. The number of claims received in February was up 51,000, or 18.6 per cent from January.
The biggest year-over-year increase in people getting EI benefits among major metropolitan areas across the country was seen in Calgary, where the number of EI recipients shot up 114 per cent to a seasonally-unadjusted 11,690. In Edmonton, a 96.4 per cent increase brought the number of beneficiaries to 10,900.
"In Alberta, the drop in employment in recent months was spread across a number of sectors, including construction, trade, manufacturing and professional, scientific and technical services," Statistics Canada said.
Behind only Calgary was the hard-hit city of Windsor, Ont., where the number of people getting EI benefits was up 103.8 per cent. Among other Ontario cities, Kitchener followed with an increase of 96 per cent, with Hamilton and London seeing increases of 83.4 per cent and 82.9 per cent, respectively. In Toronto, the number of people getting EI grew 60.6 per cent over the 12 months.
In B.C., Victoria saw an increase of just under 89 per cent, while Vancouver posted a jump of 75.3 per cent.
Canada's unemployment rate in March climbed to a seven-year high of eight per cent as the economy shed another 61,300 jobs.