The struggling economy has hit Canadians hard. It has been especially difficult, of course, for those who have been let go from their places of employment over the past several months.
Not surprisingly, today Statistics Canada reported that unemployment rates in Canada are climbing at an alarming rate. In fact, according to their report, more Canadians applied for Employment Insurance in February than any other month since 1997. A total of 325,700 new claims were made which is up by 51,000 or 18.6% from January.
The agency reports that applications for EI have increased all over the country with the biggest numbers coming from Ontario, Alberta, British Columbia and Saskatchewan. The unemployment rate began to climb in October 2008. In February, there were 610,200 people receiving EI benefits a 21% jump from October.
Sadly, it would appear as if this trend will continue as the unemployment rate increased to 8% in March from 7.7% in February. Evidently, the already record-setting rate at which Canadians are seeking assistance from Employment Insurance will also continue to rise.