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Economic Indicators

Australia employment falls 138,000 in Sept amid lockdowns

SYDNEY (Reuters) – Australian employment fell sharply for a second month in September as coronavirus lockdowns forced businesses to lay off workers and slash hours, while the jobless rate was held down by another drop in the number of people looking for work.

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Australia employment falls 138,000 in Sept amid lockdowns
© Reuters. Customers at a local cafe are seen through a window displaying a job vacancy notice in central Sydney, Australia, May 9, 2016. Picture taken May 9, 2016. REUTERS/Steven Saphore/Files

SYDNEY (Reuters) – Australian employment fell sharply for a second month in September as coronavirus lockdowns forced businesses to lay off workers and slash hours, while the jobless rate was held down by another drop in the number of people looking for work.

Thursday’s data from the Australian Bureau of Statistics (ABS) showed employment fell by 138,000 in September, compared to median forecasts of a drop of 137,500.

The unemployment rate edged up to 4.6%, from 4.5%, when analysts had expected a rise to 4.8%. The rate has been badly distorted by lockdowns which prevent people looking for work and being counted as unemployed.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Economic Indicators

Trudeau roils Canada’s oil patch naming Greenpeace activist as climate chief

By Steve Scherer and Rod Nickel

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Trudeau roils Canada's oil patch naming Greenpeace activist as climate chief
© Reuters. FILE PHOTO: Canada’s Prime Minister Justin Trudeau speaks during a news conference at a Cabinet retreat in Ottawa, Ontario, Canada September 14, 2020. REUTERS

2/2

By Steve Scherer and Rod Nickel

OTTAWA/CALGARY (Reuters) – Canadian Prime Minister Justin Trudeau on Tuesday sparked concern in the country’s oil patch and hope among green advocates when he named two men with strong environmental records to lead his government’s fight against climate change.

Steven Guilbeault was named environment and climate change minister as part of a major Cabinet shuffle following September’s vote https://www.reuters.com/world/americas/canadas-trudeau-may-cling-power-election-looks-unlikely-secure-majority-2021-09-20, which handed Trudeau a third victory since 2015, albeit with a minority in the House of Commons.

Jonathan Wilkinson, who spent two decades in the green tech sector and then served as predecessor to Guilbeault for two years, took over as minister of natural resources. Canada is the world’s fourth-biggest oil producer.

La Presse newspaper once dubbed Guilbeault “the green Jesus of Montreal.” He has worked for green groups, including Greenpeace, for more than 20 years. In 2001 he climbed the CN Tower in Toronto to protest Canada’s environmental record.

“This will be very concerning and frustrating for everyone who’s part of the natural resource economy in Canada,” said Heather Exner-Pirot, a fellow at the Macdonald-Laurier Institute think tank. She spoke from Calgary, the heart of the oil patch.

“Now someone who’s worked for Greenpeace … will have significant influence on how we go forward with our resource development,” she added.

Trudeau says addressing climate change is a major priority. His government already has imposed a carbon tax and has pledged net-zero carbon emissions by 2050. But green groups note that per capita greenhouse gas emissions remain among the highest in the world, thanks in part to the energy industry in western Canada.

“Liberals are looking for a way to shut us down. … Mood in Alberta is not good,” said the chief executive officer of a Canadian oil and gas company who asked to speak anonymously.

Trudeau’s government has promised to freeze oil sector emissions and set a 2025 requirement https://www.reuters.com/business/sustainable-business/canada-oil-producers-grapple-with-trudeaus-demand-faster-emissions-cuts-2021-10-22 for the industry to reduce them. Canada has failed to meet any of its emissions-cut pledges so far.

“We need to make sure that the oil and gas industry stops increasing its emissions and starts reducing them, while supporting workers in these industries to help find new ways to work new jobs and new careers,” Trudeau told reporters at a news conference following the Cabinet nominations.

“The largest energy companies in this country are committed to net zero by 2050. And the way to do that is to all of us work together,” he added.

NO MORE OIL ADVOCATE IN CABINET

Guilbeault will be representing Canada at the United Nations COP26 summit in Glasgow, Scotland, which starts on Sunday.

“If you were an oil and gas company that was banking on the government not living up to its commitments, then maybe you’ve got some rethinking to do,” said Jamie Bonham, director of corporate engagement at NEI Investments, a responsible investor that owns shares in some oil sands companies.

Seamus O’Regan, who was well-liked by the oil and gas producers, was moved to the labor ministry from natural resources.

Keith Stewart of Greenpeace Canada praised making Wilkinson the new minister because in the past the natural resources figure has “acted as the chief advocate for the oil industry at the Cabinet table.”

Trudeau also appointed new ministers of defense, foreign affairs and natural resources. Fewer than 10 of the 38 ministers kept their existing positions. There are two more Cabinet positions now than in 2019, and an equal number of men and women.

Liberals hold 159 seats in parliament but do not have the 170 needed to pass legislation without the support of an opposition party. Minority governments do not usually last a full four-year term in Canada.

Trudeau earlier announced that Finance Minister Chrystia Freeland, who is also deputy prime minister, would be staying in her job.

Among the other major changes, Melanie Joly became Canada’s fifth foreign minister under Trudeau. Anita Anand takes over at defense from Harjit Sajjan, who has been widely assailed over what critics say is a lackluster effort to address allegations of sexual assault in the military.

Marco Mendicino, previously immigration minister, will take over as minister of public safety.

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Economic Indicators

Canada’s Trudeau sparks concern in oil patch with green cabinet appointments

By Steve Scherer and Rod Nickel

Published

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Canada's Trudeau sparks concern in oil patch with green cabinet appointments
© Reuters. FILE PHOTO: Canada’s Prime Minister Justin Trudeau speaks during a news conference at a Cabinet retreat in Ottawa, Ontario, Canada September 14, 2020. REUTERS

2/2

By Steve Scherer and Rod Nickel

OTTAWA/CALGARY (Reuters) – Canadian Prime Minister Justin Trudeau on Tuesday sparked concern in the country’s oil patch and hope among green advocates when he named two men with strong environmental records to lead his government’s fight against climate change.

Steven Guilbeault was named environment and climate change minister as part of a major Cabinet shuffle following September’s vote https://www.reuters.com/world/americas/canadas-trudeau-may-cling-power-election-looks-unlikely-secure-majority-2021-09-20, which handed Trudeau a third victory since 2015, albeit with a minority in the House of Commons.

Jonathan Wilkinson, who spent two decades in the green tech sector and then served as predecessor to Guilbeault for two years, took over as minister of natural resources. Canada is the world’s fourth-biggest oil producer.

La Presse newspaper once dubbed Guilbeault “the green Jesus of Montreal.” He has worked for green groups, including Greenpeace, for more than 20 years. In 2001 he climbed the CN Tower in Toronto to protest Canada’s environmental record.

“This will be very concerning and frustrating for everyone who’s part of the natural resource economy in Canada,” said Heather Exner-Pirot, a fellow at the Macdonald-Laurier Institute think tank. She spoke from Calgary, the heart of the oil patch.

“Now someone who’s worked for Greenpeace … will have significant influence on how we go forward with our resource development,” she added.

Trudeau says addressing climate change is a major priority. His government already has imposed a carbon tax and plans to curb harmful emissions. But green groups note that per capita greenhouse gas emissions remain among the highest in the world, thanks in part to the energy industry in western Canada.

“Liberals are looking for a way to shut us down. … Mood in Alberta is not good,” said the chief executive officer of a Canadian oil and gas company who asked to speak anonymously.

Trudeau’s government has promised to freeze oil sector emissions and set a 2025 requirement https://www.reuters.com/business/sustainable-business/canada-oil-producers-grapple-with-trudeaus-demand-faster-emissions-cuts-2021-10-22 for the industry to reduce them. Canada has pledged to reach net zero on carbon emissions by 2050.

Guilbeault will be representing Canada at the United Nations COP26 summit in Glasgow, Scotland, that starts on Sunday.

NO MORE OIL ADVOCATE IN CABINET

“If you were an oil and gas company that was banking on the government not living up to its commitments, then maybe you’ve got some rethinking to do,” said Jamie Bonham, director of corporate engagement at NEI Investments, a responsible investor that owns shares in some oil sands companies.

Seamus O’Regan, who was well-liked by the oil and gas producers, was moved to the labor ministry from natural resources.

Keith Stewart of Greenpeace Canada praised making Wilkinson the new minister because in the past the natural resources figure has “acted as the chief advocate for the oil industry at the Cabinet table.”

Trudeau also appointed new ministers of defense, foreign affairs and natural resources. Fewer than 10 of the 38 ministers kept their existing positions. There are two more Cabinet positions now than in 2019, and an equal number of men and women.

Liberals hold 159 seats in parliament but do not have the 170 needed to pass legislation without the support of an opposition party. Minority governments do not usually last a full four-year term in Canada.

Trudeau earlier announced that Finance Minister Chrystia Freeland, who is also deputy prime minister, would be staying in her job.

Among the other major changes, Melanie Joly became Canada’s fifth foreign minister under Trudeau. Anita Anand takes over at defense from Harjit Sajjan, who has been widely assailed over what critics say is a lackluster effort to address allegations of sexual assault in the military.

Marco Mendicino, previously immigration minister, will take over as minister of public safety.

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Economic Indicators

U.S. consumers gear up to hit the road and foreign destinations

By Dan Burns

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U.S. consumers gear up to hit the road and foreign destinations
© Reuters. FILE PHOTO: Traffic is seen at the Lincoln Tunnel ahead of the July 4th holiday, in New York City, New York, U.S., July 2, 2021. REUTERS/Eduardo Munoz

By Dan Burns

(Reuters) – U.S. consumers, itching for a change of scene after more than a year-and-a-half of constricted pandemic life, are as eager to travel as at any time since COVID-19 sent the world into rolling waves of lockdowns, and now a record number of Americans plan to get out of the country in the next six months.

Nearly 48% of consumers plan a vacation in the next half year, a survey from the Conference Board released on Tuesday showed. That is the highest positive response rate to the every-other-month question included in the economic research group’s benchmark consumer confidence survey since February 2020, the month before the coronavirus triggered a short but deep recession.

Travel and leisure activities were the hardest hit by coronavirus lockdowns. They began improving notably early this year on the back of COVID-19 vaccinations but tailed off over the summer and early fall as the Delta variant swept through the country, especially regions with the lowest inoculation rates such as the South that are also popular vacation destinations.

For a graphic on Let’s get out of Dodge!:

https://graphics.reuters.com/USA-ECONOMY/TRAVEL/znvnezoaopl/chart.png

Lynn Franco, the Conference Board’s senior director of economic indicators, said in a statement the increase this month was “a reflection of the ongoing resurgence in consumers’ willingness to travel and spend on in-person services.”

That indication came as consumer confidence overall rose unexpectedly in October, snapping a three-month skid that had been triggered largely by the summer’s Delta wave and by concerns over rising inflation.

While by far most people plan a trip somewhere in the United States – and by car – a record 16.8% said they are headed to a foreign country between now and next April. That tops the previous record of just under 15% in the October 2017 survey and is roughly double the series historic average of 8.4% dating to the 1970s.

For a graphic on Headed to distant shores:

https://graphics.reuters.com/USA-ECONOMY/TRAVEL/lgpdwleywvo/chart.png

With fewer people planning to travel by air, the surge in foreign travel plans may in part reflect the pending relaxation of restrictions at the U.S. borders with Canada and Mexico https://www.reuters.com/world/us/us-open-border-with-canada-starting-early-november-buffalo-news-2021-10-13, the two countries most easily reached by motor vehicle from the United States.

Indeed, nearly 35% of those planning a getaway of any sort say they will travel by automobile, the fourth-highest percentage since the Conference Board launched the vacation-plans supplement to its survey in 1978.

Of those planning to get away, just 19.6% plan to get aboard an airplane, the lowest percentage since the Conference Board’s survey in February. That is more than 3 percentage points lower than the average over the past decade and 10 points below the record of greater than 30% in August 2019.

The number of passengers proceeding through airport security over the latest weekend totaled roughly 5.8 million, more than double the volume from a year earlier but still only about 85% of the passenger volumes from the comparable period in 2019, the latest Transportation Security Administration data showed.

For a graphic on Hopping a flight soon? Maybe not:

https://graphics.reuters.com/USA-ECONOMY/TRAVEL/lgvdwlezwpo/chart.png

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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