Aug. 9, 2019

Canada

  • Canada unexpectedly lost 24,200 jobs in July vs an expected increase of 15,000.
    • Unemployment increased to 5.7% from 5.5%
    • Wages were up 4.5% Y/Y (highest increase in more than a decade)
  • Alberta lost 14,000 jobs in July (all full-time); unemployment increased to 7% from 6.6%.
    • Edmonton lost 1,700 jobs; unemployment rose to 7.5% from 7%
    • Calgary gained 500 jobs; unemployment decreased to 6.9% from 7%
  • In 2019 the average contribution for public health care insurance is $13,208 for a family of 3 and $4,468 for a single parent family. The top 10% of income earning families will contribute $39,486 in 2019; lowest 10% contribute $464.
    • Since 1997 the cost of public health care insurance for the average Canadian family has increased 3.2 times faster than food and 1.7 times as fast as income

Energy, the Environment, and Food

  • UN Intergovernmental Panel on Climate Change Report:
    • Dietary changes from meat to plant-based and sustainable animal-sourced foods could cut up to 8 gigatons of C02 equivalent a year
    • Between 25% – 34% of global food production is wasted, accounting for up to 10% of greenhouse gas emissions
    • Human use directly affects more than 70% of the worlds ice-free land surface
    • Agriculture is responsible for 70% of the worlds fresh water use
    • Recommends the use of wood products as substitutes for other materials to reduce emissions and store carbon over the long term
  • Demand for vegan (synthetic) leather is expected to grow 7% Y/Y reaching $45 billion by 2025.
  • Soy Canada says they have not sold a single shipload of soybeans to China since the end of December.
  • Alberta’s July oil storage levels fell to their lowest level since 2017.
  • IEA says the global outlook for oil demand is “fragile” after slowest January – May growth in a decade.
  • Saudi Arabian exports to China have increased to 1.74 million barrels per day in July, while shipments to the US dropped to 161,000 barrels per day.
  • China imported between 142,000 and 360,000 barrels per day of Iranian crude in July.

Tidbits

  • Chase Bank has announced it will forgive all outstanding debt on their two Canadian credit cards as they move to leave the Canadian market.
  • Mexico will open an investigation into the El Paso shooting as an act of terrorism against Mexicans.
  • Britain joined the US maritime security mission to protect merchant vessels in the Strait of Hormuz.
  • Putin warns that the collapse of the Nuclear treaty “create[s] fundamental risks for everyone” and “Russia will be forced to begin full-scale development of similar missiles” as the US.
  • Four Japanese companies have teamed up to build the worlds first zero-emission tanker by mid-2021.
  • Google announced it would neutralize carbon emissions from deliveries next year and include recycled plastic in all products by 2022.