CLOSING BELL: Number of people drawing unemployment drops to lowest level in 21 years
The number of people collecting employment insurance in April fell to the lowest level in at least 21 years.
According to Statistics Canada, roughly 453-thousand people received the regular wage insurance payments in April, down more than 100-thousand.
That’s an 18 per cent drop over April of last year, and the lowest number since comparable data became available in 1997.
The reduction coincides with a drop in the national unemployment rate from 6.5 per cent to a record low of 5.8 per cent over the same 12-month period.
The TSX lost 85 points to 16,335.
Gold closed at $1270.50 U.S. per ounce, down four dollars.
Oil closed at $65.54 U.S. per barrel, down 17 cents.
The loonie closed at $75.13 cents U.S