EI Recipients Up 18% as Canada's Job Market Cools

• Number of Canadians receiving unemployment benefits up 18% from January 2022 • 468,300 Canadians were on employment insurance (EI) in January 2023 • EI recipients peaked at nearly 1.7 million in May 2021 during COVID-19 supports • Unemployment rate has risen to 5.8% as labor market softens • Bank of Canada noting signs that wage pressures may be easing