September 10, 2021


  • Canada added 90,200 jobs in August (3rd consecutive increase, 3 month total of 345,000).
    • Full time added 68,500 (private sector added 77,000)
    • Unemployment rate 7.1% (lowest since the onset of the pandemic) vs 7.5% M/M
    • Total employment is 0.8% below pre-pandemic peak
    • Services-producing sector rose 93,000 led by accommodation and food service (now back to pre-pandemic levels)
    • Ontario added 53,000 jobs; unemployment rate 7.6% vs 8%
    • BC added 14,400 jobs; unemployment rate 6.2% vs 6.6%
  • Alberta added 19,500 jobs in August (16,300 full-time); unemployment rate 7.9% vs 8.5%.
    • Edmonton added 6,400 jobs; unemployment rate 8.2% vs 8.8%
    • Calgary added 1,800 jobs; unemployment rate 9.6% vs 9.8%


  • 4 seats on the US Federal Reserve have terms ending in the coming months giving President Biden an opportunity to reshape it with more women and people of colour:
    • Chair: Jerome Powell’s term expires Feb 5, 2022 (4-year term)
      • President Obama named Powell to the Federal Reserve Board; President Trump nominated him for Chair; President Biden has retained him as Chair
      • Possible successor: Jerome Powell (retains), Lael Brainard
    • Vice Chair: Richard Clarida’s term expires September 17, 2022 (4-year term)
    • Vice Chair (Supervision): Randal Quarles term expires Oct 13, 2021 (4-year term)
    • Board seat: currently vacant


  • Natural gas will not count as clean energy under a House Democrat plan to rid the electric grid of carbon as part of the $3.5 trillion tax and spending package moving through Congress.
  • Harvard said its $42 billion endowment fund will no longer invest in fossil fuels (currently have no holdings in this sector).
  • Researchers from University College London (UK), calculated that nearly 60% of the world’s oil and gas reserves plus 90% of coal reserves need to stay in the ground to meet the goals of the Paris Climate Agreement.
  • Researchers have developed a magnet so powerful that it can:
    1. confine hydrogen fuel and
    2. maintain a temperature high enough to sustain nuclear ‘fusion’ at a practical scale. A reactor still needs to be built; the magnet is the key to the project, and electricity generation in 10 years is the result…if they progress rapidly.
      • ‘Fusion’ combines atomic particles
      • ‘Fission’ (ie: a nuclear bomb) splits atoms apart
  • Amazon will fully fund college tuition for over 750,000 of its frontline employees to attract and retain workers…estimated cost $1.2 billion.
  • President Biden is mandating all executive branch employees, federal contractors and millions of health-care workers be vaccinated against COVID-19. The policy is likely to extend to companies with over 100 employees.
  • Moderna is working on a combination COVID-19 vaccine booster and flu shot.