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Canada’s Job Data Mirrors Pre-Recession

Recent data from Statistics Canada reveals concerning trends in the Canadian labor market, according to an analysis shared by X user @igetredpilled. The August 2024 figures show a shift towards part-time employment and rising permanent layoffs, potentially signaling economic challenges ahead.

While Canada added 22,000 jobs in August, this growth was entirely in part-time positions. The economy actually lost 44,000 full-time jobs while gaining 66,000 part-time roles. Full-time employment growth has been declining for over two years, now sitting at just 0.8% year-over-year.

You can read more on the matter here.

What’s going on?

• 682,060 Student Permits in 2023: Did the Canadian Government Even Vet Applications? (theDeepDive)

• US inflation falls to 2.5% in August (FT)

• Ex-Tenet Reporter Claims YouTube Ban, But He Deleted His Own Channel (theDeepDive)

• Taylor Swift endorses Kamala Harris after presidential debate (Globe)

• Florida’s Condo Crisis: Rising Costs and New Regulations Spark Exodus Fears (theDeepDive)

• TD to Pay $28 Million for Sharing Inaccurate US Consumer Data (BNN)

• US Pays $3 Billion Daily in Debt Interest as National Debt Soars Past $35 Trillion (theDeepDive)

• U.S. House set to vote on Republican-backed stopgap funding measure (Globe)

What’s the latest?

• TD Bank: Toronto-Dominion Bank will pay nearly $28 million in fines and restitution for sharing inaccurate data, including suspected fraudulent accounts, with consumer reporting companies. The bank faces broader probes into anti-money laundering compliance, potentially resulting in over $3 billion in additional fines.

• Politics: Taylor Swift has endorsed Kamala Harris for the 2024 Presidential Election, citing Harris as a "steady-handed, gifted leader" who advocates for causes Swift supports. Swift's endorsement, highlighted in an Instagram post, includes a pledge to vote for Harris and Tim Walz. This endorsement comes amid a close race and recent concerns about misinformation.

• Inflation: US inflation fell to 2.5% in August, below the 2.6% forecast and down from July's 2.9%. Core CPI remained steady at 3.2%. This data could lead the Federal Reserve to cut interest rates at their September 18 meeting. Despite a strong jobs report for August, the Fed is cautious and may adjust rates more if the job market weakens further.

• UK Economy: The UK economy stagnated in July, with GDP unchanged for the second consecutive month, missing the 0.2% growth forecast. Production and construction declines were offset by gains in services. Growth for the second half of the year is expected to be weaker, with the Bank of England likely to cut rates in November.

• Trump Media: Trump Media's share price fell over 13% on Wednesday, reaching its lowest level since the company's Nasdaq debut in March. The drop followed Donald Trump's criticized debate performance against Kamala Harris. The stock had previously surged 10% on optimism about the debate, but has experienced a significant decline, partly due to ongoing market routs and upcoming insider sales.

Are Canadian mining rules too tough?

The stock market and stuff

• Oil Prices Rebound as US Inventories Drop and Hurricane Francine Threatens Production (theDeepDive)

• Fed expected to deliver quarter-percentage-point rate cut next week (Reuters)

• Investor Confidence Falters as Trump Media Stock Tumbles Post-Debate (theDeepDive)

In the juniors

• Snowline Gold Intersects 6.0 g/t Gold Over 101 Meters at Valley Deposit (theDeepDive)

• Masivo Silver Intersects Visible Sulfide Mineralization at Boston Mine Project (JMN)

• Heliostar Metals Secures $10M in Debt Facilities to Fund Mexican Gold Asset Acquisition (theDeepDive)

FULL DISCLOSURE: Hertz Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Energy. The author has been compensated to cover Hertz Energy 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.