The US labor market in August roused from its early summer slumber by adding 162,000 jobs, more than double what economists had expected, while the unemployment rate remained at 4.1%, new data from the Bureau of Labor Statistics showed Friday.
August’s job gains – which are the strongest since March – mark a sharp rebound from July’s tally, which was revised up to a 21,000-job gain from a 23,000-job loss. June was also revised upwards, adding 31,000 positions. That’s up from the original estimate of 20,0000.
…
Wage growth slowed again in August, landing at an annual rate of 3.1%, a fresh five-year low. And it’s also the fourth month in a row that Americans’ pay gains are being outpaced by overall inflation.
… while in the frozen North:
The previously hot labour market stalled out to end the summer with a loss of 42,000 jobs in August, Statistics Canada said Friday.
The unemployment rate held steady at 6.4 per cent last month, the agency said.
…
StatCan said there was little change in the private sector and self-employment in August, but the public sector shed 20,000 positions in its third straight month of losses.The business, building and other support services sector led declines, followed by public administration, natural resources and utilities.
…
The manufacturing industry has been hit hard by U.S. tariffs but the sector proved to be a surprise pocket of strength in August with a gain of 22,000 jobs.
And for those seeking a little comic relief … Trump is touting a new trade war … targetting the Federal Reserve:
U.S. President Donald Trump on Friday said that unless the Federal Reserve cut interest rates, he would stop trading with countries with which the United States had a deficit.
“High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!” said Trump, who has repeatedly demanded that the Fed cut rates.
The Bureau of Labor Statistics on Friday reported stronger-than-expected job creation in August, prompting traders to boost bets on a hike later this month.
“We should have the LOWEST RATE of any country in the World … LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT,” Trump said in a Truth Social post.
I must admit, I am looking forward to the waning years of this decade, when the book stores will fill up with thick political tomes from around the globe with titles like ‘What it was like to deal with Trump’.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 3.7445 % | 2,793.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 3.7445 % | 5,260.9 |
| Floater | 5.17 % | 5.29 % | 30,999 | 14.95 | 3 | 3.7445 % | 3,031.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1588 % | 3,632.5 |
| SplitShare | 4.80 % | 4.31 % | 56,509 | 2.57 | 5 | 0.1588 % | 4,337.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1588 % | 3,384.6 |
| Perpetual-Premium | 5.65 % | 5.54 % | 44,162 | 6.58 | 12 | -0.3072 % | 3,074.5 |
| Perpetual-Discount | 5.53 % | 5.62 % | 38,146 | 14.42 | 21 | 0.0421 % | 3,411.5 |
| FixedReset Disc | 5.46 % | 5.88 % | 94,562 | 13.97 | 17 | 0.6180 % | 3,438.3 |
| Insurance Straight | 5.45 % | 5.50 % | 44,401 | 14.58 | 20 | -0.3756 % | 3,298.5 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6180 % | 4,198.2 |
| FixedReset Prem | 5.87 % | 4.33 % | 73,615 | 2.07 | 32 | 1.0295 % | 2,679.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6180 % | 3,514.6 |
| FixedReset Ins Non | 5.18 % | 4.67 % | 51,601 | 1.92 | 14 | 0.0904 % | 3,294.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.Y | Insurance Straight | -5.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.64 % |
| GWO.PR.G | Insurance Straight | -4.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 5.72 % |
| POW.PR.G | Perpetual-Premium | -3.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.90 % |
| MFC.PR.N | FixedReset Ins Non | -2.45 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-20 Maturity Price : 25.00 Evaluated at bid price : 24.71 Bid-YTW : 5.50 % |
| PWF.PR.K | Perpetual-Discount | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.79 % |
| GWO.PR.M | Insurance Straight | -1.96 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-10-04 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 0.77 % |
| ENB.PR.B | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 23.20 Evaluated at bid price : 23.85 Bid-YTW : 6.00 % |
| ENB.PF.E | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 23.05 Evaluated at bid price : 24.38 Bid-YTW : 5.99 % |
| BN.PF.G | FixedReset Prem | 1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.81 % |
| PWF.PR.A | Floater | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.14 % |
| CU.PR.D | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 22.42 Evaluated at bid price : 22.68 Bid-YTW : 5.43 % |
| GWO.PR.P | Insurance Straight | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.51 % |
| GWO.PR.R | Insurance Straight | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.62 % |
| ENB.PF.G | FixedReset Disc | 2.48 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-09-01 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 5.90 % |
| BN.PF.M | FixedReset Prem | 2.79 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 5.16 % |
| ENB.PR.F | FixedReset Disc | 3.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 24.08 Evaluated at bid price : 24.40 Bid-YTW : 5.99 % |
| BN.PR.B | Floater | 4.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.29 % |
| GWO.PR.N | FixedReset Ins Non | 5.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.50 % |
| BN.PR.K | Floater | 5.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 14.86 Evaluated at bid price : 14.86 Bid-YTW : 5.34 % |
| BN.PF.E | FixedReset Disc | 5.33 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.28 Bid-YTW : 5.16 % |
| BN.PR.Z | FixedReset Prem | 36.37 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.91 Bid-YTW : 4.11 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| IFC.PR.C | FixedReset Ins Non | 271,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-10-30 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.71 % |
| BILP.PR.A | FixedReset Prem | 49,697 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.28 Bid-YTW : 5.44 % |
| BN.PR.B | Floater | 22,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-09-04 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.29 % |
| ENB.PF.K | FixedReset Prem | 13,050 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-01 Maturity Price : 25.00 Evaluated at bid price : 25.62 Bid-YTW : 4.55 % |
| There were 0 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| POW.PR.G | Perpetual-Premium | Quote: 24.10 – 25.18 Spot Rate : 1.0800 Average : 0.6048 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 20.00 – 21.40 Spot Rate : 1.4000 Average : 0.9871 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 22.05 – 23.00 Spot Rate : 0.9500 Average : 0.5853 YTW SCENARIO |
| GWO.PR.G | Insurance Straight | Quote: 22.70 – 23.91 Spot Rate : 1.2100 Average : 0.8512 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 24.71 – 25.50 Spot Rate : 0.7900 Average : 0.5022 YTW SCENARIO |
| GWO.PR.Q | Insurance Straight | Quote: 23.08 – 23.95 Spot Rate : 0.8700 Average : 0.6050 YTW SCENARIO |