Jan. 10, 2020

CANADIAN EMPLOYMENT – A STRONG 2019

  • Canada added 35,200 jobs in December vs 25,000 expected.
    • Unemployment rate 5.6% vs 5.9% in November
    • 57,000 employees were added in the private sector and 22,000 jobs lost in the public sector
    • Ontario led with 25,000 new jobs followed by Quebec with 21,000
    • BC lost 8,000 jobs
    • Total of 320,000 jobs created in 2019 (up 1.7% Y/Y)
  • Alberta lost net 1,000 jobs in December.
    • Unemployment rate 7.2% vs 7% in November
    • Edmonton added 2,900 jobs; unemployment rate 8.0% vs 7.7%
    • Calgary lost 6,600 jobs; unemployment rate 7.1% vs 6.9%
    • Full time jobs were down 20,200 (1.1%) in 2019
    • Part-time jobs increased 16,000 (3.8%) in 2019

US EMPLOYMENT – 2019 MARKS 10 CONSECUTIVE YEARS OF JOB GAINS

  • US added 145,000 jobs in December vs 164,000 expected.
    • Unemployment rate unchanged at 3.5% (a 50-year low)
    • Average hourly wages rose 2.9% annualized vs 3.1% in November
    • 2019 US added an average 176,000 jobs per month vs 223,000 in 2018

ENVIRONMENT

  • Total usable water on earth is only 0.75%; salt-water accounts for 97.5% and 1.75% is frozen in glaciers and permafrost. National Bank Financials report on the world’s looming water crisis.
    • UN estimates that current water use is 6x greater than in 1900 and demand will increase an additional 20% – 30% by 2050
    • Globally, agriculture accounts for 69% of freshwater demand, industry 19%, households 12%
    • China and India have about 36% of world’s population but only 11% of available fresh water
    • 17 countries accounting for 25% of the world’s population are experiencing high water stress
    • In 2017 UNESCO estimated that 80% of the world’s wastewater was not treated
    • Water required to make goods:
      • 1 pair of leather shoes: 4,385 gallons
      • 1 pair of jeans: 2,113 gallons
      • 1 circuit board: 1,100 gallons
      • 1 smart phone: 240 gallons
    • Trump administration has proposed new regulations that limit environmental reviews on projects like highways and pipelines and no longer require federal agencies to consider their climate impacts.
    • The mayors of New York City and London, England are urging cities to divest their pension funds from fossil fuel producers.
    • Canadian Natural Resources, Cenovus and MEG Energy have set a long-term goal to achieve net-zero emissions by 2050.
    • US had 14 weather disasters costing $1 billion or more in 2019.
      • Midwest flooding cost $20 billion of the $45 billion total

TIDBITS

  • Authorities are warning that abbreviating 2020 to ‘20’ on documents could you leave you vulnerable to fraud as documents can be changed.
  • Fort McMurray saw 8x more home foreclosures in 2019 than 2015
  • Uber is partnering with Hyundai to deploy electric ‘air taxis’ that are capable of vertical takeoff and landing.