Good afternoon, everyone. I thought it was time I formally introduced myself. My name is Leah Golob and I’ve been writing the weekly Peak Money newsletter since late June.
A little about me: I’ve been a business journalist for over a decade, covering everything from personal finance and wealth management to tech and retail. I’ve written about business for nearly every major publication in Canada and I’m known for making complex topics, like finance, easy to understand (or at least that’s what I tell myself).
Every week, I’ll be recapping the biggest stories in personal finance, investing and careers, and breaking down what they could mean for your wallet.
Got an idea or feedback for this newsletter? Email me at [email protected] or reply directly to this newsletter.
In today’s newsletter:
Canada adds a surprising number of new jobs
SpaceX’s rollercoaster of a week
The trick to stop overspending
CRA data breach victims could get compensation
Workers are tasked with a new responsibility: Botsitting
— Leah Golob
Unemployment drops to its lowest level in two years
Canada added an unexpected 75,000 jobs in July, while its unemployment rate slid to 6.4 per cent — its lowest level in two years, according to Statistics Canada. While the unemployment rate is down half a percentage point from last year, “the labour market is not yet strong,” said an RBC economist. “The unemployment rate is still higher than normal … but it has been improving despite still significant U.S. tariff uncertainty and higher energy prices.” The biggest job gains were in wholesale and retail trade, while public administration and agriculture lost jobs.
SpaceX’s second-quarter numbers rattled investors
SpaceX is going through it. A rogue, 8,000-pound piece of a SpaceX rocket crashed into the moon Wednesday, with the impact expected to leave a crater about 60 feet wide and 12 feet deep. Back on Earth, SpaceX shares sank nearly 14 per cent after investors were rattled by Tuesday’s earnings release, which showed a surge in artificial intelligence spending. By Friday, however, shares had climbed more than 20 per cent from where they started the week, amounting to more than a US$300-billion swing in market value.
The value in making spending harder
Personal finance’s best-kept secret? Create friction. It’s about putting little roadblocks between you and your spending habits. This can be especially useful for younger generations who grew up with apps, tools and services designed to eliminate friction, such as food delivery and ride-share apps. Online shopping hacks include never saving your credit card info or waiting 24 hours before checking out. Offline, leave your credit cards at home altogether. Using your debit card makes you more aware of the dollars you’re spending. All in all, these tactics force you to pause and ask, “Do I really need this?”
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CRA data breach victims could get up to $5,000
Canada Revenue Agency (CRA) national headquarters on 555 MacKenzie Avenue in Ottawa. (Photo: OBERT MADONDO/The Canadian Progressive).
Canada Revenue Agency data breach victims could get a payout. Thousands of eligible Canadians affected by a months-long CRA data breach in 2020 can now apply for compensation after a class-action lawsuit alleged the government had “inadequate safeguards” in place. While the government denies wrongdoing, it agreed to pay more than $8.7 million to those impacted. Depending on the circumstances, Canadians may receive up to $80 for time spent dealing with unauthorized access, $200 for fraudulent use of personal information or $5,000 for unreimbursed fraud or identity theft costs. Eligible Canadians have until next February to submit a claim.
The toll of AI botsitting
Workers are saddled with a new task: “Botsitting.” While 75 per cent of digital workers (such as software engineers, financial analysts and product marketers) say they’re more productive with AI, only 13 per cent say it has significantly improved performance at their company. One reason is“botsitting” — “the invisible, untracked, unrewarded human labour of making AI usable,” reports the Harvard Business Review. Workers spend 6.4 hours a week botsitting, which adds up to nearly a full work day and 37 per cent of time spent on AI. Constantly reviewing and correcting AI outputs, as well as feeding the technology the context it needs, can take a real mental toll. It’s probably wishful thinking that this would come with a supervisory pay bump.
Consumers are turning to simulation shopping sites for a sweet, sweet dopamine hit. “Odds are, if you’re choosing a simulator app over the real deal, you’ve already pinpointed a consumption problem that you hope to curb,” Maclean’s reports.
The biggest threat on LinkedIn might not actually be scams, but espionage. The Five Eyes intelligence alliance warns that Chinese operatives are targeting professionals with access to non-public information on policy, security and defence. While the targets typically don’t have access to classified information, they may be well-compensated for what they do know.
The Globe and Mail ranked Canada’s 100 best cities for renters. Regina, Sask. takes the top spot, where average rent is $1,415. (Paywalled)
Is premium economy worth the premium price? For a 20-hour flight to Singapore, the extra space can make it easier to get some ZZZs, but for shorter flights, an emergency exit-row seat can get you more legroom for less. It’s all still economy class, after all.
This summer’s hottest celebrity trend: A private equity boyfriend. (Paywalled, the Wall Street Journal)
