More Albertans turning to EI

The number of Albertans using employment insurance has doubled over the past year.

In November 2015, more than 61,000 people in the province were on the EI roll, compared to about 30,000 in November 2014.

Todd Hirsch, ATB Financial’s Chief Economist, told 660 NEWS, that total doesn’t include December or January numbers.

“We’re not even at the peak, we’re still probably about 10,000 away,” Hirsch said. “Last recession it peaked out at about 71,000.”

The statistics showed a 20,000 increase in men turning to EI, compared to 10,000 more women seeking support in the same month.

However, month over month, the increase in Alberta was still smaller than that of Saskatchewan.

Hirsch added, Alberta sank into a recession at the end of last year, as the GDP dropped by one per cent.

Meanwhile, an internationally recognized credit rating agency is warning that Alberta will exceed its self-imposed debt limit this year, because of the combined effect of low oil and over-spending.

The province is not allowed to borrow more than 15 per cent of its GDP, but Toronto-based agency DBRS says the NDP government has increased infrastructure spending to $34 billion over the next five years, based on oil trading at $50 US a barrel, while oil is currently trading below $30 US a barrel.

The agency says this could mean trouble for the province in the future.

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