Sponsored by Nord Precious Metals

Canada Jobless Rate Hits 7.1%

Canada’s labor market contracted for the second consecutive month in August, as employment declined by 66,000, or 0.3 percent, with most of the losses in part-time positions. The national employment rate slipped 0.2 percentage points to 60.5 percent while the unemployment rate rose to 7.1 percent, the highest since May 2016 outside the pandemic years.

Core-aged workers between 25 and 54 years old were hardest hit. Employment among men fell by 58,000, or 0.8 percent, while core-aged women saw losses of 35,000, or 0.5 percent. Both groups posted the weakest employment rates in several years. Youth employment and jobs among workers aged 55 and over held steady.

The August decline was broad-based, with professional, scientific and technical services losing 26,000 jobs, transportation and warehousing down 23,000, and manufacturing shedding 19,000. Construction was one of the few bright spots, gaining 17,000 workers, partially offsetting declines earlier in the summer.

You can read more on the matter here.

What’s going on?

• Ottawa’s 32-Project Fast-Track List Focuses On Energy, Ports, Mining (theDeepDive)

• Mortgage rates see biggest one-day drop in over a year (CNBC)

• Ottawa To Reportedly Launch EV Sales Policy Review Amid Tariffs (theDeepDive)

• Federal government delaying electric-vehicle mandate as part of new measures to aid tariff-hit sectors (Globe)

• Hundreds Arrested in Immigration Raid at Hyundai Site in Georgia (WSJ)

• Carney’s Major Projects Push Mirrors PMO Polling Results (theDeepDive)

• EU hits Google with €2.95bn antitrust fine (FT)

• Newfoundland $15B LNG Project In Fermeuse Announced (theDeepDive)

• Roblox Tests TikTok-Like App so Players Can Share Game Action (Bloomberg)

• OPEC Revives Supply as Saudi Leads August’s 400K b/d Increase (theDeepDive)

• US unemployment rate near 4-year high as labor market hits stall speed (Reuters)

What’s the latest?

• Real Estate: Montreal’s housing market stayed hot in August 2025, with sales up 12% year-over-year to 3,330 — the busiest August since 2021. Plex sales jumped 23%, while listings rose 4% to 17,515, still leaving sellers in control. Prices climbed, with the median single-family home hitting $633,250, up 7%, led by 10% gains on the Island of Montreal and in Vaudreuil-Soulanges. Despite Quebec’s slowing economy, lower rates and longer amortizations are fueling demand, though first-time buyers are being squeezed out.

• Economy: Canada lost 66,000 jobs in August, pushing unemployment to 7.1% — the highest since 2016 outside the pandemic. This follows July’s 41,000 job loss, with most recent declines in part-time roles and sectors like tech, transport, and manufacturing. Markets now see a September Bank of Canada rate cut as almost certain, with economists expecting two cuts by year-end. Wage growth slowed to 3.2% year-over-year.

• Northvolt: Quebec has recovered nearly $200 million from frozen Northvolt accounts after the Swedish parent declared bankruptcy in March. The province is seeking to recover the remaining $260 million owed on a $240-million guaranteed loan used to buy land for a Montreal-area battery plant. Quebec already lost a $270-million investment in the parent company and is asking the court to declare Northvolt insolvent to repossess or sell the land. The project, once touted as Quebec’s largest private investment, never advanced beyond early site work.

• Politics : Canada is launching a $370 million biofuel production incentive to support canola producers hit by China’s 75.8% tariff on Canadian canola seed. The government will amend Clean Fuel Regulations, raise limits on interest-free advances, and boost funding to diversify markets. China, Canada’s second-largest canola buyer, imported $4.9B worth of products last year before the tariff, imposed after Canada’s 100% levy on Chinese EVs. A Canadian delegation, including Saskatchewan Premier Scott Moe, will visit China this weekend to push for tariff relief.

• Tesla: Tesla’s board has proposed a new compensation plan for Elon Musk worth up to US$1 trillion, the largest in corporate history. The package is tied to ambitious performance milestones in AI and autonomous systems. Earlier this year, Musk received an interim $29 billion restricted stock plan to keep him as CEO through 2030. The move highlights Tesla’s pivot from carmaking to an AI-first technology strategy.

Avino Silver Q2 Earnings

The stock market and stuff

• Canadian Mining Giant Teck Outlines Plan for Strategic Metals Reserve (theDeepDive)

• ConocoPhillips to Cut Up to 3,250 Jobs as Oil Industry Struggles Under Trump Policies (theDeepDive)

• Tesla seeks to award Elon Musk $1tn if carmaker hits formidable targets (FT)

• Google Must End Exclusive Deals But Can Keep Chrome Browser (theDeepDive)

• First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos (theDeepDive)

In the juniors

• ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project (theDeepDive)

• Elemental Altus To Acquire EMX Royalty In Tether-Backer Merger (theDeepDive)

• New Found Gold To Acquire Maritime Resources In Bid To Advance Production Timeline (theDeepDive)

FULL DISCLOSURE: Spirit Blockchain is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Spirit Blockchain. The author has been compensated to cover Spirit Blockchain on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.