Connect with us

Business

Canada added 245,800 jobs in August – Yahoo Canada Finance

Published

 on


 A customer wearing a face mask waits to dine in at a restaurant in Toronto, Canada

Canada’s job market continues to recover, adding 245,800 jobs in August.

According to Statistics Canada, the vast majority (205,800) were full-time positions.

“Unlike July, job growth was titled toward full-time work, a sign that business conditions are gradually getting back to normal,” said Indeed economist Brendon Bernard.

“The boost from the reopening of previously shuttered sectors continued, with accommodation and food service, as well as other services, making outsized contributions to job growth, alongside a pop in education employment.”

The unemployment rate improved to 10.2 per cent, a decline of 0.7 percentage points. It hit an all-time high of 13.7 per cent in May.

After a string of gains in May, June, and July, employment is within 1.1 million of its pre-COVID February level. The number of workers affected by COVID-19 stood at 1.8 million, down from 5.5 million April peak.

Fewer people worked from home for the fourth straight month. In August, 2.5 million Canadians worked from home compared to 2.5 million in April.

Employment among women continued to play catch up (150,000) up after heavier losses at the start of the pandemic compared to men (96,000), for the third consecutive month.

Employment among youth (aged 15 to 24), the hardest segment, was at 84.7 per cent of February levels.

Unemployment rates were highest among Arab (17.9%), Black (17.6%) and Southeast Asian (16.6%) Canadians.

Ontario led the way by adding 141,800 jobs. Alberta and New Brunswick were the only provinces without gains.

Gains in services-producing sectors (218,000) continued to outpace the goods-producing sector (28,000).

“August was another big step in the right direction of getting back to normal, but we’re still more than a million jobs away. And, that headline result masks a loss in hours among others on the job, with total hours worked still down a towering 8.6% from pre-pandemic levels (even with a Q3 resurgence),” said BMO chief economist Douglas Porter.

“The gains will become much more modest from here on out, and we continue to expect the jobless rate to finish next year 2-3 percentage points higher than where we started this year.”

The U.S. added 1.4 million jobs in August and the unemployment rate fell to 8.4 per cent from 10.2 per cent.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter&nbsp;@jessysbains.” data-reactid=”38″>Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Download the Yahoo Finance app, available for&nbsp;Apple&nbsp;and&nbsp;Android.” data-reactid=”39″>Download the Yahoo Finance app, available for Apple and Android.

Let’s block ads! (Why?)



Source link

Business

1 TSX Stock to Buy and 1 to Avoid – The Motley Fool Canada

Published

 on


This fall looks like it will present investors with another high-potential opportunity to buy TSX stocks. With all the uncertainty lately, and the second wave of coronavirus looking like it’s hitting the globe harder than the first wave, there is a serious possibility of a second financial crisis.

This is important, because it gives investors another opportunity to buy the highest-quality TSX stocks while they trade for dirt-cheap prices.

There’s no question that the best time to buy stocks is during a market crash. So, investors need to be prepared for whatever comes next. That way, you can take full advantage of the opportunities that arise.

However, it will be crucial that investors can distinguish between a great deal and a value trap. With that in mind, here is a TSX stock you’ll want to make sure to avoid.

TSX stock to avoid

Avoiding certain stocks is crucial for investors for a few reasons. You don’t want to make a bad investment and lose money. In addition, you don’t want to tie up your cash in an underperformer. You’d be missing out on other potentially massive gains.

That’s why I’d caution investors to avoid Rogers (TSX:RCI.B)(NYSE:RCI) for now. There isn’t anything necessarily wrong with Rogers, and a long-term investment will likely still earn you money; it’s just that there are much better choices in the sector.

In fact, of the four major telecom stocks on the TSX, Rogers is the worst choice in the current environment, which is why I would avoid the stock.

In this market environment, it’s crucial investors own only the best of the best. This means leaving behind companies that still have some work to do, such as Rogers.

If it’s stability that you are looking for, then BCE’s massive size and diversification is likely a better choice for you. If it’s growth you’re after, then there’s no better stock to pick in the sector than Shaw Communications. Investors who are looking for a good mix of both should consider Telus.

Back in March, I’d cautioned investors to avoid the stock. Since then, it’s the only telecom that’s negative and, on a year-to-date basis, is underperforming its competitors.

As you can see, Rogers has clearly been outperformed by its peers, down over 15% year to date. This is evidence that the market sees more potential out of the other telecom stocks for now.

However, if Rogers does turn it around eventually, look for it to become a great undervalued opportunity. For now, though, I’d avoid the stock.

TSX stock to buy

While Rogers is a stock that’s in a great long-term industry, because it’s not one of the top businesses in that industry at the moment, it’s not worth an investment.

Conversely, companies that may operate in a struggling industry but are leaders in that industry could be worth an investment. This all depends on what the issues are affecting the sector.

If it’s a temporary headwind, such as the coronavirus pandemic, the sector is likely worth an investment. However, if it’s a maturing industry, like newspapers, for example, then it would be best to forgo an investment.

One TSX stock that’s a leader in its struggling industry is Canadian Tire (TSX:CTC.A). Canadian Tire is a diverse retailer in an industry that’s been severely impacted by the pandemic. Even before that, however, many smaller merchandisers have been struggling with the competition from online shopping.

Canadian Tire investors don’t have to worry about that, though. Not only does the company have a fantastic e-commerce platform itself, but many of the goods it sells, consumers prefer to buy in person instead.

Plus, its diverse brands and businesses all complement each other well, and it has helped the company perform relatively well so far, throughout 2020.

Canadian Tire’s quality is the main reason the stock has recovered rapidly. However, if you buy today, you can still lock in its attractive 3.35% dividend, to go along with all the long-term growth potential.

Bottom line

It’s just as important that investors avoid poor TSX stocks as it is to buy the best stocks. So, make sure you do your homework; you wouldn’t want to invest in a dud.

Here is one TSX stocks that’s sure to be a huge winner…

This Tiny TSX Stock Could Be the Next Shopify

One little-known Canadian IPO has doubled in value in a matter of months, and renowned Canadian stock picker Iain Butler sees a potential millionaire-maker in waiting…
Because he thinks this fast-growing company looks a lot like Shopify, a stock Iain officially recommended 3 years ago – before it skyrocketed by 1,211%!
Iain and his team just published a detailed report on this tiny TSX stock. Find out how you can access the NEXT Shopify today!

Click here to discover how!


Fool contributor Daniel Da Costa owns shares of BCE INC. The Motley Fool recommends ROGERS COMMUNICATIONS INC. CL B NV.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Half a million sharks may be killed to produce global Covid-19 vaccine – RFI English

Published

 on


Issued on: 29/09/2020 – 15:18Modified: 29/09/2020 – 15:22

Conservationists in the United States are warning the race to a coronavirus vaccine may see the slaughter of half a million sharks, causing irreversible damage to our oceans’ ecosystems.

Advertising

This is because squalene, a natural oil made in the liver of sharks, is an ingredient in several of the candidate vaccines in clinical trials. 

According to the World Health Organisation, squalene is used as an adjuvant, meaning it increases the effectiveness of a vaccine by creating a stronger immune response. 

While more than 200 potential vaccines around the world are in development, fewer than 10 have advanced to late-stage clinical trials. 

The British pharma giant GlaxoSmithKline, which already uses shark squalene in flu vaccines, has said it would manufacture a billion doses of the adjuvant for potential use in vaccines to fight Covid-19.

Push for plant squalene

However Shark Allies, a California-based advocacy group, has launched a petition against the use of squalene from sharks for making coronavirus vaccine, calling on the industry to further explore the use of sustainable, non-animal squalene alternatives.

Some 3,000 sharks are needed to extract one tonne of squalene and, in the event a vaccine is produced globally and everyone on the planet receives two doses, Shark Allies says more than half a million sharks would need to be killed.

“Harvesting something from a wild animal is never going to be sustainable, especially if it’s a top predator that doesn’t reproduce in huge numbers,” the group’s founder, Stefanie Brendl, told The Telegraph, in London.

“There’s so many unknowns of how big and how long this pandemic might go on, and then how many versions of it we have to go through, that if we continue using sharks, the numbers of sharks taken for this product could be really high, year after year after year.”

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Moderna Coronavirus Vaccine Won't Be Available Before Election Day, CEO Says – The Motley Fool

Published

 on


Dealing a blow to President Trump’s hope to have a vaccine before Election Day, Moderna‘s (NASDAQ:MRNA) CEO said the company’s coronavirus vaccine won’t be ready by Nov. 3.

Speaking at a Financial Times-organized biotech and pharmaceutical conference, Stephane Bancel said that “November 25 is the time we will have enough safety data to be able to put into an EUA [Emergency Use Authorization] file that we would send to the FDA — assuming that the safety data is good, i.e., a vaccine is deemed to be safe.”

Image source: Getty Images.

An Emergency Use Authorization is fast-track, limited approval the FDA grants for medications or vaccines that can treat or prevent diseases that post a significant enough threat to the population. 

Moderna has leapt to prominence with its MRNA-1273, considered one of the leading coronavirus vaccine candidates, if not the overall leader. It has done extremely well in early stage testing and is currently undergoing a phase 3 clinical trial.

On the hope that it would boost his popularity in the run-up to the election, Trump has promoted the idea that a safe and effective vaccine will be on the market in the very near future. A great many public health experts and pundits say that will happen next year at the earliest, however.

While biotech and pharmaceutical companies are developing a host of vaccine candidates, none has yet finished its clinical testing, and no major regulatory authority has approved any of them.

Investors didn’t react too strongly to Bancel’s pronouncement, as it’s likely few of them were expecting MRNA-1273 to finish testing and win approval over the next couple of weeks. The company’s shares inched up on Wednesday, not quite reaching the S&P 500 Index’s gain on the day. 

 

Let’s block ads! (Why?)



Source link

Continue Reading

Trending