IAIC Market Update - January 9, 2023

January 9, 2023

Last Week in the Markets: January 3rd – 6th, 2022

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

Friday provided a welcome uptick in North American equity indexes after jobs data was released. Both the Canadian and American economies continued to generate jobs even after monetary policy moves that have been enacted on both sides of the border. The jobs market demonstrated continued resiliency and provided encouragement on the “interest rate increase vs recession” debate.
“Employment rose by 104,000 jobs in December, and the unemployment rate declined by 0.1 percentage points to 5.0%, just above the record low of 4.9% reached in June and July” according to the Statistics Canada release on Friday. Employment levels increased in six provinces and held steady in two territories. (Source)
Total nonfarm payrolls rose by 223,000 jobs and the unemployment rate edged down to 3.5% during December in the United States. Job gains were achieved in leisure and hospitality, health care, construction, and social assistance sectors. (Source)
The U.S. jobs growth in December was the lowest monthly number in 2022, and the average hourly earnings number is softening, showing that Federal Reserve action is working. Both suggest that the Federal Reserve’s interest rate increases and tightening of capital markets are beginning to achieve the desired effects of slowing demand that drives economic growth.
More interest rate increases are expected from the Federal Reserve, while the Bank of Canada has said that future increases require additional analysis. Markets responded positively to the jobs data based on monetary policy effectiveness. (Source)

What’s ahead for this week?

In Canada, November’s building permits, signifying strength or weakness in the construction sector and housing market will be announced. Bank of Canada Governor, Tiff Macklem, will participate in a panel discussion on the risk of climate change.
In the U.S., Federal Reserve Chair, Jerome Powell, will speak at the Sveriges Riksbank International Symposium in Stockholm on Tuesday. On Thursday, December and year-over-year consumer inflation data will be released.
Globally, the European Central Bank will release its latest economic bulletin. Great Britain will report its Gross Domestic Product report for December, the fourth quarter and year-over-year. Italian retail sales, French imports and exports, and German GDP will also be announced. Both China and Japan will release CPI and Producer Price Index (PPI) data for December.

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers