NORTH AMERICAN EMPLOYMENT DATA
- Canada added 157,000 jobs in September bringing us back to the February 2020 pre-pandemic level.
- Unemployment rate 6.9% vs 7.1% in August (5.7% February 2020)
- Employment gains were wide spread, and employment increased in 6 provinces: Ontario, Quebec, Alberta, Saskatchewan, Manitoba, New Brunswick
- Wages are up 4.6% over 2 years
- Alberta added 19,600 jobs; unemployment rate 8.1% vs 7.9%
- Edmonton added 4,800 jobs; unemployment rate unchanged at 8.2%
- Calgary added 10,400 jobs; unemployment rate 8.9% vs 9.6% M/M
- United States added 194,000 jobs in September vs 500,000 average expected.
- Unemployment rate 4.8% vs 5.2% M/M
- Average hourly earnings increased 19¢ to $30.85 and average work week increased 0.2 hours to 34.8 hours
ENERGY AND ENVIRONMENT
- Berlin think-tank (Hot or Cool Institute) says that Canada has the worst per-capita carbon emissions in the world…the average Canadian produced 14.2 tonnes of CO2 as of 2019 vs 8.5 tonnes for each person in UK.
- Canada needs to cut emissions by 82% in the next decade and 95% by 2050
- Main sources are livestock, fossil fuel consumption, flying, living in large homes
- Canadian Association of Petroleum Producers has asked the Canadian government to design a tax credit to pay for 75% of the cost to build carbon capture facilities.
- Dow Chemical is expanding and retrofitting an existing facility outside Edmonton to create the world’s first net-zero ethylene plant with carbon capture technology.
- Nikola and TC Energy are collaborating to build and operate a large-scale hydrogen hubs in Canada and the US to produce the fuel needed for Nikola fuel cell electric vehicles.
- Equinor, Norway’s top oil producer, is investing $11.7 billion in ‘blue’ hydrogen production.
- Diesel stockpiles are at a 20-year low as we head into winter.
- Oil drillers need to raise budgets by 54%, to more than $500 billion, to supply enough oil in the next few years.
- Pfizer/BioNTech COVID-19 vaccine effectiveness dropped to 47% from 88% six months after the second dose, and a new formula will likely be needed by mid-2022 to protect against future mutations
- COVID patients (even only mild infections) have a 39% higher risk of developing heart failure and a 120% higher risk of a pulmonary embolism over the following year.
- Passengers age 12+ on planes, trains, and cruise ships within Canada will be required to be fully vaccinated as of October 30th.
- Canadian federal public employees need to be vaccinated by the end of October or will be suspended without pay.
- JPMorgan banned in-person meetings and business travel for unvaccinated employees. Employees will also face higher payroll deductions for testing costs and health insurance starting next year.
- Japan is the first G-7 Nation to factor in ESG information for investments in their foreign reserves.
- Ireland has agreed to the proposed global tax deal for multinationals, removing a large hurdle for the global minimum tax.
- Walmart is hiring their own container ships to help alleviate their supply chain issues.