Finance Minister Jim Flaherty says it might be premature to declare an end to Canada's recession.

The minister made the remarks Tuesday on his way into a Conservative caucus meeting.

"No, I think we will have to look back as we always do, and look at this quarter," Flaherty said when asked whether he agreed with the Bank of Canada's most recent assessment of the economy.

"There are good signs that the economy has stabilized," he said. "There are the beginnings of a recovery, and I wouldn't put it any stronger than that."

Flaherty's statement seemed to go against the Bank of Canada's assessment, which declared last week that the recession would end in the current quarter.

The bank said the national economy will grow by 1.3 per cent during the summer months, after contracting for three straight quarters.

Far from echoing that assessment, Flaherty said steps should be taken to keep Canada's economy from shrinking.

"I think we have to be careful. We have to continue to implement the economic action plan," he said. "We have to continue with the stimulus to the economy, to avoid the danger of some slowness reoccurring."

The minister also cautioned that the number of Canadians who receive regular Employment Insurance benefits will likely continue to swell in the months ahead.

Statistics Canada reported on Tuesday that EI payouts have hit their highest level since 1997. About 778,700 Canadians received EI benefits in May -- 65,600 more than a month earlier. Ontario and Alberta experienced the largest jump.

Since the recession struck last October, the number of EI recipients has grown by 278,300.

Opposition MPs have also cast doubt on the perception that the economy is on the rebound.

"In fact, the situation will get worse in the fall, into the winter and perhaps, next year," said Liberal house leader Ralph Goodale.

With files from The Canadian Press