Canada's jobs market went into reverse last month - at least on the surface. The economy shed more than 2,000 jobs in June. But that doesn't tell the full story. All of the job losses were part-time work, while full-time employment surged in the month. Demographics are a compelling component of today's story as employment deteriorated in the core 25-54 age bracket, while Canadians aged 55+ had much greater success finding work. We'll sift through all the details and tee up the implications for next week's Bank of Canada decision. We'll also watch U.S. market reaction to that country's latest labour report, with non-farm payrolls outpacing expectations in June (+224,000 vs. estimated gain of 160,000)
MONTREAL’S EVER-TIGHTENING HOUSING MARKET
Think Toronto’s housing market is in a bind? Check out Montreal. The total inventory of homes available for purchase in that city plunged 19 per cent year-over-year last month. The head of the local real estate board says market conditions are the tightest since mid-2005.
BRUCE LINTON HALO EFFECT
Linton’s dismissal from Canopy Growth has been a boon for the Venture-listed IT company he co-chairs. Martello Technologies’ stock price has nearly doubled in the last two days, prompting it to first say yesterday it was unaware of any material change, and this morning it put out a more fulsome release, rattling off some recent corporate developments and acknowledging Linton has more time to focus on the firm. Have to wonder if his other (private) venture, Ruckify, is also seeing a surge in interest.
GREATEST OUTDOOR SHOW ON EARTH
The Calgary Stampede gets underway today, and our Tara Weber will be there to capture the sights, sounds, and sentiment. She has a half dozen interviews lined up, including the Vice Chair of Bennett Jones and the president of Schlumberger Canada, and will take the pulse of the local economy. Watch for her reporting throughout the day.
OTHER NOTABLE STORIES
-Guyana Goldfields says the work stoppage at its Aurora Mine is over and is reaffirming its full-year production forecast.
-Alberta Premier Jason Kenney is making good on his campaign pledge to fight back against foreign funding for campaigns against the province’s energy sector, announcing plans for a public inquiry late yesterday. Forensic accountant Steve Allen will spearhead the year-long project.
-Samsung shareholders are taking a 56 per cent plunge in profit in stride. Shares are little changed as a one-time gain helped dull the damage caused by global trade tension.
-Notable data: Canadian labour force survey, U.S. non-farm payrolls
-Calgary Stampede begins
-Deadline for public comment to National Energy Board on Trans Mountain expansion
Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.