October 8, 2021


  • 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


  • 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.