Aug. 7, 2020


  • Canada has regained 55% of jobs lost, peak jobs lost 3,005,000, recovered 1,661,000
  • US has regained 42% of jobs lost, peak jobs lost 22,160,000, recovered 9,279,000
  • Women are getting back to work faster in Canada than the US: job recovery 54% in CA and 44% in US
  • Youth employment the same, job recovery 66% in CA and 40% in US
  • Unemployment rate in CA: February 5.6%, peak 13.7%, July 10.9%, recovery 35%
  • Unemployment rate in US: February 3.5%, peak 14.7%, July 10.2%, recovery 40%
  • Participation rate in CA: February 65.5%, low 59.8%, July 64.3%, recovery 79%
  • Participation rate in US: February 63.4%, low 60.2%, July 61.4%, recovery 37%


  • In July there were more than187,000 people employed than in April, but still 174,000 jobs missing
  • Approximately 60% of the new jobs are part time
  • We are still shy of 150,000 full time and 24,000 part time jobs that were lost
  • Unemployment dropped month over month from 15.5% to 12.8%


  • Global demand peaked in the first quarter at approximately 105 million b/d, bottomed in April at 80 million b/d and currently estimated to be in the low 90 million b/d.
  • National Bank of Canada’s Energy Group estimates the “right price” to keep production offline, compliance in check and maintain long-term demand is approximately $40.00 US. (Sept. contract $41.43)
  • Its estimated that a second wave would reduce the demand by over 10 million b/d.
  • Floating storage or oil in transit continues to decline. Q1 floating storage inventory was approximately 1,100 million b/d, peaking in May at 1,440 and currently estimated at 1,217 million b/d.
  • CA’s oil exports fell by 32% in April and remain down 15% compared to the pre-shock level set in March of this year.
  • Exxon Mobil warned this week that low energy prices may wipe out as much as 20% of its oil and natural gas reserves, equivalent to almost 4.5 billion barrels of crude.
  • Canadian Natural Resources reported Thursday they have reduced their operating costs by 27% y/y to $17.75 per barrel.


  • New York is seeking to dissolve the National Rifle Association as the Attorney General accused the gun industry lobby of engaging in a massive fraud against its donors.
  • China posted unexpectedly strong 7.2% jump in exports for July, driven by demand for medical supplies and automobiles.
  • Singapore researchers have developed “electronic skin” capable of recreating a sense of touch, an innovation they hope will allow people with prosthetic limbs to detect objects, as well as feel texture, or even temperature and pain.
  • Clorox won’t have enough disinfecting wipes until 2021, CEO Benno Dorer says.
  • Facebook just launched its gaming app on iOS after months of wrangling with Apple, but the app won’t contain any games.