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North American jobs market sees massive hiring

North American jobs market sees massive hiring

North American jobs market sees massive hiring

As of late, the biggest problem in the United States has not necessarily been finding jobs, rather finding people to fill those jobs. The number on Friday was greatly anticipated, as the Federal Reserve has just announced that they are going to begin tapering. With the Non-Farm Payroll numbers coming out at an addition of 531,000 jobs for the month of October, this was yet another reason to believe that the economy in the United States is starting to pick up.

 

Unemployment fell to 4.6%, better than the 4.7% projected. Unemployment also fell in Canada to a reading of 6.7%, although the employment change number came in at an addition of 31,200 jobs for the month, slightly lower than the anticipated 42,000. It should be noted that the Canadian numbers tend to be very noisy, due to the volatility in the oil sector. Nonetheless, both of these economies are starting to head in the correct direction, and inflows of trading capital have been seen.

OPEC refuses to raise production

OPEC refuses to raise production

Oil has recovered slightly from a massive selloff during the week as OPEC has rebuffed a US call to raise oil supply to stifle the rise in pricing. The supply of the market is stretched and going forward it continues to be a major issue. Lack of capital expenditure during the pandemic is a major factor, as well as the fact that the world has worked through the glut of reserve petroleum that built up during that same time.

 

The United States continues to work against its own energy production, via legislation. Because of this, the United States shale producers are not stepping into fill the gap as much as they had in the past. Traders are starting to look at recent comments by the White House including whether or not it was going to release crude from its strategic petroleum reserves, but quite frankly that always ends up being a very short-term move in the market, as it is not nearly enough to change the overall trajectory of supply and demand.

Pfizer takes off like a rocket after new pill study

Pfizer takes off like a rocket after new pill study

Pfizer requested to seek approval from the Food and Drug Administration this month for a new pill that has an 89% efficacy rate to keeping hospitalizations and severe illness from Covid-19 happening. While it does not necessarily cure the disease, it does offer hope that severe Covid could be a thing of the past.

 

The antiviral pill has seen Pfizer gain as much a 10% on Friday, while rivals Merck and Moderna have been hammered. In fact, Moderna has lost as much is 22% as the company has announced lower than expected earnings and slashed its sales forecast. Oral treatments of Covid-19 could be a huge boon to the economy, and most certainly would be in demand, possibly even from those who have been hesitant to get the vaccine itself. The FDA has not commented but has shown recently that it is very quick to approve medications for the pandemic.

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