May 31, 2019

INCREASING NUMBER OF WORKING CANADIANS ON LONG-TERM DISABILITY:  RBC Insurance, World Health Organization (WHO), SAGE Open

  • Canadians…
    • 68% have some experience with time off work due to disability.
    • 50% have either workplace or personal disability insurance.
    • 67% say there would be serious financial implications if they could not work for 3 months.
  • Burnout has become “one of the most widely discussed mental health problems today”.
  • WHO now defines ‘burnout’ as an “occupational phenomenon” that stems directly from our collective crisis of workplace stress. It is characterized by 3 key factors:
    • Feelings of energy depletion or exhaustion
    • Increased mental distance from one’s job or feelings of negativism or cynicism related to one’s job
    • Reduced professional efficacy
  • Burnt out employees are 30% more likely to leave their jobs.
  • Workplace attrition costs businesses from 1.5x to 2x the departing employee’s annual salary.

TRADE

  • Canadian federal government has given notice that it intends to ratify new NAFTS (USMCA).
  • President Trump is placing a 5% tariff on all Mexican imports as of June 10th if Mexico does not stop illegal immigration. Trump is threatening to increase the tariffs to 25%.
  • China hopes Canada understands the consequences of siding with the US and doing its bidding.
  • China is ready to restrict exports of rare earths to the US in retaliation for the current tariffs.
    • 80% of US rare earth supplies come from China
    • Rare earths go in everything from fighter jets to missiles, phones, lasers, x-ray machines, batteries, washing machines, cars, disk drives etc.
  • China has put the purchase of American soybeans on hold
  • US and EU trade talks are struggling, threatening a new front in the trade war.
  • Secretary of State Mike Pompeo has warned Germany on the consequences of buying Hauwei equipment.

TIDBITS

  • Alberta’s March average weekly earnings were up 0.4% Y/Y to $1,159.15 vs nationally up 1.9% to $1,016.
  • Singapore is the world’s most competitive economy for the first time since 2009, leap-frogging Hong Kong (2) and US (3).
  • The US had 500 tornados tough down over the past month; so far in 2019 there have been 935 reported vs the average of 743 by this point in the year from 2005 to 2015.
  • EU told Britain that there will be no renegotiation of the Brexit deal.
  • US says all North Korean weapons of mass destruction violate UN resolutions.
  • Pope Francis said he is willing to confront President Trump in person regarding his border wall and policy of separating families.
  • Almost 67% of all New Jersey moves were out of state, with 1/3 citing retirement as the reason and the cost of living. California is the #2 state retirees are leaving.