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TSX slumps as oil falls below $80 and economic gloom settles in – CBC News



Canada’s benchmark stock index dropped heavily on Friday as prospects of a global recession cause investors to sell first and ask questions later.

The S&P/TSX Composite Index was off by more than 520 points or 2.75 per cent to close at 18,480, dragged down by a plunge in the price of oil. That’s the lowest level for the benchmark Canadian stock index since July.

The benchmark price of crude oil in North America lost almost $5 to close at $79.13 a barrel, its lowest price since January. The catalyst for oil’s decline seems to have been central banks signaling this week that they are so committed to reining in inflation that they are willing to create a recession to achieve it.

The U.S. Federal Reserve hiked its benchmark interest rate on Wednesday, and nine other countries around the world followed suit the next day. That will help bring down inflation, but it will likely come at great cost to the economy.

“Clearly what they are saying is they are so determined to bring inflation down that they are going to bring down the economy in the process,” said John Zecher, the founder of Toronto-based money manager J Zechner & Associates. “That’s the way the market is reading it … They aren’t going to stop until the economy turns down.”

Oil price down to lowest since January

A recession would lead to much less demand for energy, which is why oil sold off. About a fifth of the companies on the TSX are in the energy sector, and they were among the biggest losers Friday. Shares in Suncor, Cenovus, MEG Energy and Crescent Point all lost more than eight per cent on the day.

More and more economic indicators are starting to suggest Canada’s economy either already has derailed or is about to. Employment numbers last week showed the economy has lost jobs for three months in a row, and retail sales data on Friday showed that Canadians are putting away their wallets once more.

Stock markets are responding to that gloom, and some analysts think there is a lot more pain to come.

“The lows that we saw recently in the summer months are going to be challenged in the next couple of days to weeks,” said Larry Berman, chief investment officer with Toronto-based money manager QWealth, in an interview.  “The market [isn’t] priced for what the central banks are going to do.”

The Canadian dollar dipped as low as 73.61 cents US, its lowest level in more than two years.

Shares in New York also sold off, with the Dow Jones Industrial Average closing down almost 500 points to 29,590 — its lowest level of the year.

“Over the next couple of weeks, long-term investors may hesitate buying into weakness,” said Edward Moya, an analyst with foreign exchange firm Oanda. “How far we go below the summer lows is anyone’s guess.”

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Retail sales fall for 1st time this year as consumers start to tap out – CBC News



Facing sky-high inflation, consumers put away their wallets more often in July, new data revealed Friday, as retail sales fell for the first time since 2021.

Canadian retailers rang up $61.3 billion in sales in July, Statistics Canada reported Friday. That’s a decline of 2.5 per cent from the previous month’s level as lower sales at gas stations and clothing stores led the way down.

Sales at gas stations fell by 14 per cent. A big part of that was lower prices for the fuel itself, but even in volume terms sales were down by seven per cent. Fewer people were filling up during the month, which was in keeping with the vehicle segment overall as auto sales edged down 0.5 per cent. Both new and used car dealers reported declines.

Consumables like food and drink also weren’t flying off the shelves, as supermarkets and grocery stores saw sales slip by 0.9 per cent, while liquor stores saw a decline of 1.2 per cent.

The soft retail sales numbers suggest consumers are starting to put away their wallets in the face of sky-high prices and a gloomy outlook for the economy.

“This retail sales report was unambiguously weak, suggesting that consumers tightened their purse strings in July,” TD Bank economist Ksenia Bushmeneva said of the numbers. “Consumer demand appears to have broadly cooled across most categories of spending.”

“All in all, given the triple headwinds emanating from higher consumer prices, rapidly rising interest rates and a drop in wealth, consumers are becoming more frugal,” she said.

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Dow drops but narrowly avoids confirming bear market status –



Sept 23 (Reuters) – The blue-chip Dow Jones Industrial Average (.DJI)tumbled to its lowest level since November 2020 on Friday, but narrowly missed ending more than 20% below its Jan. 4 closing record high.

A Dow close below 29,439.72 would have confirmed a bear market that began from that record, according to a widely used definition. read more The Dow fell 486.27 points, or 1.62%, to end at 29,590.41.

The Dow is the only one of the three main indexes not to have bear market status. The S&P 500 (.SPX) notched that grim milestone in June and the Nasdaq (.IXIC) in March.

The renewed selling pressure in markets came in a week that saw the U.S. Federal Reserve raise interest rates by three-quarters of a percentage point for a third straight time and a vow to keep it going until inflation is under control.

It has been a tumultuous year for Wall Street, plagued by worries about Russia’s invasion of Ukraine, an energy crisis in Europe and the end of easy money policy globally.

The S&P 500 has lost 23% this year and the Nasdaq has shed 31%.

The last time the three indexes pulled back so sharply was in 2020 during the heights of the pandemic selloff.

Heightened fears of a U.S. economic downturn next year and its impact on corporate profits has prompted brokerages to downgrade their year-end targets for the S&P 500. read more

Dow Jones Industrials bear markets

Dow Jones Industrials bear markets

(This story refiles to fix typo in headline)

Reporting by Medha Singh in Bengaluru; additional reporting by Caroline Valetkevitch in New York; Editing by Shounak Dasgupta, Shinjini Ganguli, Maju Samuel and Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

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Ghosting, Not Hearing Back is Your Answer



Back in the day, maybe still today, at the end of an audition, Hollywood producers would say, “Don’t call us; we’ll call you.”

If you didn’t hear back, you didn’t get the gig.

Not hearing back was your answer.

Maybe hiring managers should end their interviews with, “If you don’t hear from us by Friday, presume we’ve moved on to other candidates.”

I’d prefer to know the interviewer’s communication context rather than assuming I’ll hear back either way or worse, being told I’ll hear back in a few days and not hearing anything.

The term ghosting—not hearing back from the company after an interview—was born in the dating world. Recruiters, hiring managers, and candidates are increasingly abruptly ending communication. (Ghosting is happening both ways.)

Even though ghosting is considered “unprofessional,” I believe it’ll eventually be integrated into our social norms, just as many other social norms we accept today were considered unacceptable just a few years ago.

Think about all that we accept or tolerate today that weren’t accepted or tolerated 20 years ago. I can’t recall the last time I wore a tie to an interview, funeral, as a keynote speaker, or meeting with “the powers that be.” Visible tattoos aren’t frowned upon, and the usage of profanity doesn’t raise eyebrows. Today, manners are less pronounced, and people are more prone to being offended, causing everyone to walk around on eggshells, which is why ghosting is increasing.

Additionally, a sense of entitlement is prevalent today. Many candidates raised on the idea that “everyone is a winner” react negatively when not chosen. Due to having been verbally bitten several times, it’s understandable that employers avoid reaching out to rejected candidates. More than one hiring manager has said to me, “It’s easier to not have the conversation than to have it.”

For better or worse, I’ll let you decide.

It can’t be expected that the downgrading (READ: becoming more casual) of our social mannerisms wouldn’t find its way into the workplace. The 20 or 30-something HR manager has an entirely different set of values and definition of what it means to be a professional than the 48-year-old job seeker. Generational clashes are happening.

Hiring managers are swamped with applications. Replying to everyone, aside from an automated “We’ve received your application and will contact you if we feel there’s a match,” would take more time than they have. Technology is one of the reasons recruitment is becoming increasingly discourteous.

Here’s some straightforward talk: Nobody wants to spend their lifeblood on someone else’s business. A person has a job to make a living. For most people, their job is purely transactional. Having a transactional mindset is why movements such as “quiet quitting” and the “F.I.R.E. movement” (Financial Independence, Retire Early), where Gen Z adults extreme save 50% to 75% of their income so they can retire by their 40s or 50s, exist. Therefore, it shouldn’t be a surprise that social niceties are being dropped as employers and employees are rapidly moving towards a relationship where each party views the other as a means to an end.

Like every job seeker, I’ve been ghosted. Since I tend to keep my expectations low, sometimes having none, being ghosted has never really bothered me. I’m serious! I don’t feel a recruiter or hiring manager owes me a reply after an interview. When I get a follow-up call, which I usually do, it’s nice, but it’s not something I expect. I attribute my assumption that no one owes me, coupled with my belief that business is never personal, to why I’m motivated to energetically help myself. I believe having the expectation of “I’m owed” is why many job seekers are frustrated with how employers design their hiring process.

Most of your job search will involve dealing with strangers who, let’s face it, owe you nothing. A fact of life: You can’t control someone’s behaviour or actions, especially that of a stranger. Acknowledging this fact of life is how you “discipline your disappointment” when someone fails to meet your expectations.

Always end your interviews knowing the next step and when to expect to hear back if you’re green-lighted to move forward in the hiring process. (“I really enjoyed our conversation. What is the next step, and when can I expect to hear back if I’m selected to move forward?”) Once I’m told what to expect, I’ll say, “If I don’t hear back from you by the end of Friday, I’ll presume you’ve moved on to other candidates.”

If the get-back-to-you deadline passes, reach out once and then let it go. Some advice I learned in the job search trenches: Always have several pokers in the fire throughout your job search. Don’t become dependent on a particular employer offering you a job. Having other job opportunities in your pipeline will help you move on from being ghosted.



Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at







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