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EI numbers suggest stronger economy

EI numbers suggest stronger economy

Posted on: 10/18/2018 | Author: ATB Financial's Economics + Research Team

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The number of people receiving employment insurance dropped in August, down to 52,300, according to Statistics Canada. This is a nearly four per cent decline from July, continuing the downward trend that began in the fall of 2016. The number of claims has also fallen, dropping nearly eight per cent from July.

The last time EI numbers were this low was back in the spring of 2015, when Alberta’s economy was just starting to feel the effects of the recession. The number of beneficiaries fell the most in Edmonton over the course of the month. According to Statistics Canada, the number of beneficiaries fell by 5.0 per cent to 19,600.

Comparing current levels to the same month one year earlier, Alberta continues to have the fastest year-over-year decline in recipients among all provinces. The number of beneficiaries has fallen 23 per cent in those twelve months. Over the same time frame, the provincial unemployment rate fell from 8.1 per cent to 6.7 per cent and the labour market also added 53,400 jobs.

The significant drop in recipients over the course of the year is a good sign. While there is a slight chance some Albertans have run out of eligibility for benefits, there is a higher chance the drop is due to the province’s strong economic performance and strengthening labour market.

EI Numbers, graph​​

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