Alberta has Largest Decrease in Number of EI Recipients

There's no denying that the recent economic recession is probably one of the biggest and most devastating in world history. Millions, if not billions, of people around the world felt the impact of the recession, especially from late-2008 to mid-2009. Fortunately, some countries are looking to get back on their feet as economic activity starts to pick up and global recovery is slowly picking up. In Canada, the story of recovery can be told largely by the recent decrease in the number of employment insurance recipients.

How is employment insurance a measure of recovery?

Basically, employment insurance is a form of financial aid that is meant to help those who are unemployed for one reason or another. Should you become unemployed, fall ill, require parental leave, or be required to care for a family member who is under grave medical risk, you may be eligible for employment insurance. In general, however, employment insurance can be used as a general measure of employment risk and unemployment numbers. In other words, the recent drop in EI recipients is a sign that the economy of Canada, especially that of Alberta, is starting to recover, more people have jobs, and less people are in need of insurance coverage and financial aid.

Still a long way to go to recovery

Although EI rates in Alberta fell by the largest margin in Canada, and although many other Canadian provinces are experiencing a drop in EI recipients, there is still a long way to go to full recovery. Economy analysts and financial experts expect that it will still be years before the unemployment rates and the EI recipient rates get back down to the levels that they were at before the recession. Still, this may be cause for celebration as economic data start pointing toward recovery.

Alberta has Largest Decrease in Number of EI Recipients

Add comment