July 9, 2021

CANADIAN EMPLOYMENT DATA

  • Canada added 231,000 jobs in June, recouping most of the 275,000 jobs lost in April and May.
    • 264,000 part-time jobs added; mostly women aged 15-24 years
    • 33,200 full-time jobs lost
    • 63,000 self-employed jobs lost representing 2.7% of those self-employed
    • Unemployment rate 7.8% vs 8.2% M/M
    • Ontario, Quebec and BC added jobs
  • Alberta lost 200 jobs (lost 37,000 full-time and added 36,800 part-time); unemployment rate 9.3% vs 8.7% M/M.
    • Edmonton lost 4,900 jobs; unemployment rate 9.7% vs 10.2% M/M
    • Calgary lost 2,300 jobs; unemployment rate 9.2% vs 8.72% M/M

ENERGY AND ENVIRONMENT

  • University of Calgary has cancelled its bachelor program in oil and gas engineering.
  • CEO’s of Suncor and Cenovus said it will cost about $75 billion to zero out greenhouse gases from oil sands operations by 2050, with a good portion paid by taxpayers.
  • United Arab Emirates is in talks with investors and long-term buyers for stakes in ‘blue hydrogen’ (hydrogen from oil and gas) projects.
    • Global hydrogen market is estimated to be worth as much as $700 billion annually by 2050
  • Japan Petroleum Exploration is looking to sell its 75% stake (value approx. $200 million) in the Hangingstone oil sands facility near Fort McMurray, Alberta.
  • Wildfires in BC have damaged key rail lines and stalled thousands of rail cars, impacting exports and imports to Canada.
  • Up to 75% of some BC fruit crops are too damaged to sell. Cherries are the most damaged while apples, apricots, and peaches have sustained less damage in the heat wave.

TIDBITS

  • An Ontario engineering company (C.F. Crozier & Assoc) is giving staff $20,000 to help them buy their first home.
  • More than 50% of US hospitality workers say they wouldn’t go back to their old jobs and over 30% are not even considering reentering the industry.
    • No pay increase or incentive would change their minds
  • Tencent Holdings (Chinese tech giant) has launched a facial recognition system to stop kids under 18 from gaming between 10 pm and 8 am. Popular games include ‘Honor of Kings’ and ‘Peacekeeper Elite’.
  • Pfizer is planning to ask the FDA in August for emergency authorization of a 3rd ‘booster’ shot of Covid vaccine.