IAIC Market Update - June 7, 2021

June 7, 2021

Last Week in the Markets: May 31st - June 4th, 2021

(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?

Canadian and global equities enjoyed another week of positive gains. For the second consecutive week the TSX was the best performing index gaining nearly 1%. The TSX also maintains its first-place position in Year-to-Date increases for 2021.
This performance persisted despite the 68,000 job losses in Canada in May that pushed the unemployment rate to 8.2%. Conversely, the U.S. added 559,000 jobs during the same period, which was below the consensus expectation of 670,000 jobs.
In both countries the staging and scale of reopening weighed heavily on employment and jobs numbers. As Canada reopens jobs are expected to be added in large numbers during the second half of the year. In the U.S. May’s new job creation was double the number of April as the post-pandemic economic recovery continues.
As of the end of May, Canada has 700,000 fewer jobs than pre-pandemic levels while the U.S. has nearly 8 million less jobs. There is significant opportunity to add jobs as each economy recovers. The level of unemployment will likely result in new jobs, not higher wages, as expansion occurs. This should help delay inflation, which would spur central bank action to increase interest rates.

What’s ahead for this week?

In Canada, the most significant economic announcement for the upcoming week will be the Bank of Canada’s latest monetary policy announcement on Wednesday.
In the U.S., inflation figures through the Consumer Price Index (CPI) for May are scheduled to be released. Wholesale inventories, Q1 flow of funds and May’s budget balance will also be announced during a relatively light week for domestic economic news.
Globally, China will announce its trade surplus, money supply and foreign reserves. Japan and the Eurozone will deliver real GDP numbers. The European Central Bank will hold a policy meeting to analyze their economic indicators and global trend to influence upcoming monetary policy statements. On Friday the Group of Severn (G7) countries will hold a summit meeting.

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.

< Older Post

Newer Post >

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