Good morning!Canada delivered another forecast-beating performance in job growth this morning. The 27,700 jobs created in May blew past expectations of 5,000 and helped push the unemployment rate to 5.4 per cent, the lowest in data going back to 1976. The strong results are just the latest sign that Canada is on the path back to growth after stalling at the end of last year.
Meanwhile, south of the border, U.S. data majorly missed expectations, adding 75,000 jobs, the lowest in three months. That’s likely to boost bets on a Fed rate cut. Much to Alberta’s dismay, the Senate passed up a chance last night to kill Ottawa’s bill C-48 to ban oil tanker traffic off northern British Columbia. Should Bill C-48 be passed into law, Alberta will launch an immediate constitutional challenge, according to the province’s Premier Jason Kenney. Senators did adopt another contentious bill, C-69, an overhaul of Canada’s environmental assessment process for natural resources projects like oil pipelines.
Market darling Beyond Meat, whose stock has quadrupled since its May IPO, didn’t disappoint when delivering its first earnings report last night. The stock was up another 28 per cent at US$128 in premarket trade this morning after a forecast that beat analyst estimates. This kind of success out of the gate looks a lot like the marijuana industry and analysts are recommending caution.
Wow what a shock - jobs in May to students raises the jobs number!!!! The last quarterly American GDP growth was 3.2% and Canada was 0.4% which added to the LAST TWO QUARTERS OF NEAR ZERO GROWTH IN CANADA is almost RECESSION!!!! Student jobs at the end of semester for summer...