June 4, 2021

CANADIAN MAY EMPLOYMENT

  • Canada lost 68,000 jobs in May (54,000 part-time and 14,000 full-time).
    • Unemployment rate steady at 8.2%; among those working part-time in May, 22.7% wanted a full-time job vs 18.5% February.
    • Ontario lost 32,000 jobs and Nova Scotia lost 22,000 jobs
    • Saskatchewan added 4,100 jobs
  • Alberta lost 1,000 jobs in May; unemployment rate 8.7% vs 9% M/M.
    • Edmonton added 100 jobs; unemployment rate 10.2% vs 10.5% M/M
    • Calgary added 1,100 jobs; unemployment rate 8.7% vs 9.3% M/M

US MAY EMPLOYMENT

  • US added 559,000 jobs in May vs 650,000 expected; unemployment rate 5.8% vs 6.1% M/M.
    • 6% of employed persons teleworked vs 18.3% in April
    • Leisure and hospitality added 292,000 jobs
    • Average hourly earnings increased $0.15 ($30.33) vs $0.21 in April
    • Average work week unchanged at 34.9 hours (3rd consecutive unchanged month)

6 DEADLY SINS OF CENTRAL BANK DIGITAL CURRENCIES–OLIVERWYMAN CONSULTING

  • Siloed decision making…Central Bank Digital Currencies (CBDC’s) do not exist in isolation; they must fit together coherently as part of a complex payment’s ecosystem.
  • Putting off the hard choices about policy objectives – need to move from discussing to choosing specific objectives.
  • Ignoring other policy tools to reach these objectives.
  • Creating the “Swiss Army Knife” of digital currencies – need to avoid trying to create a tool for everything.
  • Downplaying political constraints and forces.
  • Muddled communications.

TIDBITS

  • US Department of Justice is giving ransomware hacks similar priority as terrorism.
  • Almost ¾ of the western US is drier than anything recorded in the 20-year history of the US Drought Monitor.
  • TerraPower (owned by Bill Gates) together with PacificCorp are building a Natrium nuclear reactor in Wyoming at the site of a retiring coal plant.
  • Japan’s birth rate fell to a record low of 1.34 or 840,832 births (down 2.8%) in 2020.
    • marriages fell 12.3% to 525,490 a post WWII low
  • Microsoft is teaming up with Hart InterCivic to add vote-tracking to voting machines in the US.
  • Walmart is giving 740,000 US store employees free Samsung phones so they can use an app developed to manage shifts, clock in, and stay in “constant communication”