In the latest report from Statistics Canada, the number of Canadians receiving regular Employment Insurance (EI) benefits experienced minimal change in October, with a modest 0.7% increase, totaling 443,000 beneficiaries. This stability follows three consecutive monthly increases that concluded in July. On a year-over-year basis, there was a 1.5% increase, representing 6,500 more beneficiaries compared to October of the previous year.
The data from the Labour Force Survey (LFS) revealed a 0.2 percentage point rise in the unemployment rate, reaching 5.7% in October. This marks the fourth increase in the last six months, suggesting ongoing challenges in the Canadian labor market.
A closer look at regional variations indicates that in October, the number of regular EI beneficiaries increased in British Columbia (+2.7%), Ontario (+2.1%), Prince Edward Island (+2.1%), and Manitoba (+1.7%). Conversely, Nova Scotia (-1.4%) and Saskatchewan (-1.4%) experienced declines. The provinces of British Columbia and Ontario saw notable increases for the fifth consecutive month, indicating persistent challenges in these regions.
In British Columbia, where the unemployment rate stood at 5.4%, unchanged from September but up 1.3 percentage points from December 2022, the increase in regular EI recipients was mainly among core-aged individuals (25 to 54 years) and men aged 55 years and older. The census metropolitan area (CMA) of Vancouver witnessed the most significant surge, with a 4.9% increase in regular EI beneficiaries.
Ontario reported a rise in regular EI recipients by 2.1% in October, with core-aged men and men aged 55 years and older contributing to the increase. Notably, the CMA of Windsor faced a substantial spike in both regular EI recipients (89.1%) and unemployment rate (7.1%), the highest among all CMAs in the country.
Prince Edward Island experienced a 2.1% increase in regular EI recipients, mainly among core-aged men. Manitoba, despite a decline in the previous month, saw a 1.7% increase, particularly among core-aged men.
Conversely, Nova Scotia and Saskatchewan reported a decrease in regular EI beneficiaries by 1.4%, indicating some regional improvements.
The report also highlighted demographic differences, noting a decline in the number of women aged 55 years and older receiving regular EI benefits. In contrast, men aged 25 to 54 years experienced a steady increase for five of the last six months.
These findings underscore the complex dynamics of the Canadian labor market, with regional variations and demographic shifts influencing the overall trends in Employment Insurance beneficiaries. As the nation navigates economic uncertainties, policymakers and stakeholders will need to closely monitor these indicators to formulate targeted strategies for labor market resilience.