Sean Conlon and Pia Singh of CNBC report the S&P 500 closes higher, notching four-day win streak and nearing record after light inflation reading:

The S&P 500 edged higher on Friday, securing its fourth straight winning day, as traders digested inflation data that could provide further incentive for the Federal Reserve to lower interest rates next week

The broad market index closed 0.19% higher at 6,870.40, putting the index about 0.7% off its intraday record. Friday also marked its ninth positive session in 10. The Nasdaq Composite increased 0.31% to settle at 23,578.13, while the Dow Jones Industrial Average climbed 104.05 points, or 0.22%, to end the day at 47,954.99.

The market sorted through a fresh slate of economic releases Friday. The Commerce Department said that the core personal consumption expenditures price index for September – which was delayed due to the record-setting U.S. government shutdown – showed an annual rate of 2.8%, lower than the 2.9% Dow Jones estimate. Core PCE’s 0.2% rise on the month was in line with expectations, as were the monthly and annual inflation readings for headline PCE.

Also on Friday, the University of Michigan’s consumer survey, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term, came in higher than expected for December.

The PCE report, which serves as the Fed’s primary inflation gauge, gives the central bank its final inflation view before Wednesday’s interest rate vote. With inflation being mild, jobs remains more in focus after recent reports showed signs of weakening in the labor market. Investors are hoping that this will influence the central bank to lower its benchmark rate by a quarter percentage point when it announces the decision Wednesday.

Traders are pricing in an 87% chance of a cut next Wednesday, far higher than just a couple weeks ago, according to the CME FedWatch tool. The key fed funds futures rate is currently targeted between 3.75%-4%, trading near the high end of that range amid ongoing pressures in short-term funding markets.

“I think it really just solidifies what the market’s already been pricing in, which is almost certainty of a cut for next week,” David Krakauer, vice president of portfolio management at Mercer Advisors, told CNBC. “If inflation does continue to stay somewhat relatively tame and [is] potentially decreasing, then what’s the outlook for more rate cuts into early next year?”

With expectations running high for a rate cut, Krakauer doesn’t necessarily believe that it will serve as a catalyst for stocks to move higher as the new year approaches. That said, he still thinks the market is in a healthy position for some upside, at least enough to reach new highs on the S&P 500.

“It may be a steady move, it may be a choppy move, but I certainly see the path for equities forward as being very positive,” he said.

Stocks posted gains for the week. The S&P 500 finished up 0.3% week to date, while the Nasdaq and 30-stock Dow have added almost 1% and 0.5%, respectively.

During Friday’s trading session, Netflix shares seesawed after initially seeing sizable losses earlier in the day following the company’s announcement that it struck a deal with Warner Bros. Discovery to buy its film and streaming assets for $72 billion — a transaction that’s expected to close in 12 to 18 months. Netflix shares were nearly 3% lower, while shares of WBD jumped more than 6%.

The streaming giant’s stock came off its lows of the session after a senior administration official told CNBC that the Trump administration views the deal with “heavy skepticism.”

Rian Howlett , Karen Friar and Ines Ferré of Yahoo Finance also report the S&P 500, Nasdaq notch fourth day of gains with next week's Fed meeting in focus: 

US stocks moved higher on Friday as Wall Street digested a cooling in the Federal Reserve's preferred inflation gauge, increasing the odds that the central bank will cut rates next week.

The S&P 500 (^GSPC) rose 0.19%, within striking distance of its first record close since October. The Nasdaq Composite (^IXIC) also gained about 0.3%, eyeing its ninth positive close in 10 sessions. The Dow Jones Industrial Average (^DJI) rose around 0.2%, following a mixed Thursday session for the gauges.

Investors continue to bet heavily on a quarter-point interest rate cut from the central bank next Wednesday. Traders are pricing in 87% odds of a move lower, compared with 62% a month ago, according to CME FedWatch.

On Friday, a delayed reading of the PCE price index showed inflation rose about as expected in September. The "core" PCE index — the Fed's favored price gauge — cooled slightly, rising 2.8% on an annual basis. Meanwhile, US consumer confidence rose for the first time in five months as respondents' inflation expectations improved.

The jobs market, meanwhile, has presented more of a mixed bag of data this week. A Challenger report on Thursday showed US companies cut 71,000 jobs last month, the worst November print since 2022. Yet new weekly jobless claims fell to their lowest since September 2022, reinforcing the picture of a labor market cooling gradually rather than rapidly.

Meanwhile, news landed that Netflix (NFLX) will buy Warner Bros. Discovery's (WBD) studios and its streaming unit for $72 billion, following a weeks-long bidding war. Netflix stock ticked down 3%, while WBD shares moved 6% higher.

In earnings, Hewlett Packard Enterprise (HPE) stock rose slightly after the server maker's quarterly sales outlook missed high AI-fueled expectations.

S&P 500 hovers near record, while bitcoin has decoupled from stocks

S&P 500 (^GSPC) was a stone's throw away from reaching a new high on Friday, while bitcoin (BTC-USD) tumbled below $90,000 per token.

The world's largest cryptocurrency is on pace to close out the year decoupled from stocks for the first time since 2014.

Bitcoin is down roughly 3% year-to-date compared the the S&P 500's 17% gain.

It hovers about 30% off its all-time high, north of $126,000 in October. 

Alright, a strong week in stocks all based on expectations the Fed will cut 25 basis points next week. I have no doubt the Fed will cut as employment is trending lower but given the stock market is a leading indicator and all stock indices including small caps are flirting with record highs, it's hard to envision more rate cuts in the new year. Interestingly, Bank of America strategist Michael Hartnett is warning that a dovish Fed rate cut could imperil the rally: 

“Only thing that can stop Santa Claus rally is dovish Fed cut causing a selloff in long-end,” Hartnett wrote in a note, referring to Treasuries with a longer maturity date. US stocks have rallied as investors bet the central bank would reduce rates further to shore up a softening labor market. Wagers on a quarter-point cut at the meeting on Dec. 10 have soared to over 90% from 60% just a month prior, according to swaps markets. Traders have also fully priced in three cuts by September 2026. 

The S&P 500 is now about 0.5% away from its October peak, and seasonal trends generally bode well for a year-end rally. However, this time the market faces two risk events in the form of key jobs and inflation reports due later in December after being delayed by the government shutdown.

Hartnett and his team also note that the US administration is likely to intervene to stop inflation from running hot and the unemployment rate rising to 5%. They recommend positioning for that possibility by buying “inexpensive” mid-caps into 2026. They also see the best relative upside in sectors linked to the economic cycle, such as homebuilders, retailers, REITs and transportation stocks.

The strategists had reiterated a preference for international equities through 2025, a call that proved correct as the S&P 500’s  advance trailed a  rally in the MSCI All-Country World ex-US index. 

So, is Hartnett right, will stocks sell off if it's a dovish rate cut? I wouldn't be surprised if there's a "sell the news" initial reaction but in the weeks following the December rate cut, I expect stocks to continue grinding higher until March, with volatility of course. The reality is with fiscal and monetary policy being accomodative, it's hard to envision stocks selling off right now as we head into the new year.  And even though US Treasuries sold off this week, I expect yields to behave as employment growth and inflation expectations remain muted. The bigger story today was in Canada: 

A much bigger selloff in Canadian government bonds Friday, sparked by stronger-than-expected employment data, was a factor. But US yields had already risen to weekly highs.

The US 10- and 30-year yields climbed more than 12 basis points since Nov. 28, with the 10-year closing at 4.14%.

The move held after the delayed release of September personal income and spending data — which includes the inflation gauge the Fed aims to keep around 2% — showed that it accelerated to 2.8%, as economists estimated. Several Fed policymakers have said the inflation trend should forestall rate cuts.

I know a really good Canadian fixed income trader who got dinged today but I agree with him, employment trends in Canada are not strong, the data was stronger than expected because of part-time workers and I'd remain long Canadian bonds here/ short the loonie. What else? The big news today was Netflix (NFLX) will buy Warner Bros. Discovery's (WBD) studios and its streaming unit for $72 billion, following a weeks-long bidding war. Netflix stock lost 3% today, while WBD shares gained 6%. Is Netflix a buy here? I have no idea what will happen with this acquisition as it will face political and regulatory scrutiny but it's a good time to initiate a position in Netflix but don't expect it to pop back up to a new high any time soon (can go lower before it stabilizes): 
With or without Warner Bros. Discovery, Netflix will remain a global powerhouse and a defensive tech stock that does well even in a downturn (the last hing people cut in desperation in their Netflix). But the stock moves violently to the downside sometimes like it did back in 2022 so you need to remain alert and humble even if I think a nice buying opportunity is emerging here. What else? On Wednesday Oracle reports and we shall see the post-earnings reaction as the stock has sold off recently quite a bit on debt concerns: 
It could pop back over $250 or drop back to retest its recent low of $185, nobody really knows, but sentiment is so bearish on this stock that I wouldn't be surprised if it reaccelerates up if earnings are good. Either way, it's a leader in ts field and just like Netflix, you need to see these selloffs as an opportunity to add or initiate a position (imho). Of course, this week was all about banks (US and Canadian) with a lot of them making new highs. I invite you to carefully scroll down the list of stocks making a new high here (you should be doing this every single trading day to see where strength lies).  Lastly, I know there is a lot of angst on the spillover from surging Japanese bond yields but I agree with Dhaval Joshi of BCA Research, the idea that, past a certain point, Japanese government bond yields could trigger a global stock-market meltdown is pretty far-fetched: 

"There isn't a critical level [for Japanese bond yields] that is going to cause a tsunami of capital flooding back to Japan. That's not going to happen," Joshi said.   

I've seen this "yen carry trade unwind" story so many times in the past 25 years that I tend to be more skeptical about a potential global stock market rout from rising Japanese bond yields. Alright, let me wrap this up with the best performing US large cap stocks this week:  Below, Andrew Davis, Bryn Mawr Trust Advisors SVP & Head of Macroeconomic Research, joins 'Fast Money' to talk the current state of play in teh market and how to position going into next year.

Also, Jeremy Siegel, Wharton professor emeritus and WisdomTree chief economist, joins 'Closing Bell' to discuss Siegel's thoughts on equity markets, if investors are afraid of missing out on equity markets growth and much more.

Lastly, Bloomberg's Asia Trade discusses how Japan's 2-year yield hit the highest level since 2008.

This is Part 1 of a two-part series analyzing the impact of an amendment to the House Homeland appropriations bill on the H-2A and H-2B visa programs.

Key takeaways:

• The government funding bill for the Department of Homeland Security may include a rider amendment that would expand the H-2A visa program for seasonal farm jobs. This amendment (originally known as Amendment #1 but later dubbed the Bipartisan Visa En Bloc amendment) proposes to open the H-2A visa program to year-round occupations.
• There were 410,000 year-round jobs in agriculture and 353,000 seasonal H-2A workers in 2024.
• The Trump Department of Labor has issued a new 2026 H-2A Adverse Effect Wage Rate (AEWR) to set H-2A wages. Based on their own estimates, the 2026 H-2A AEWR will result in a $24 billion pay cut for H-2A farmworkers over 10 years and incentivize growth in the H-2A program to 500,000 jobs a year. EPI has estimated that U.S. farmworkers will lose $2.7 to 3.3 billion in wages per year.
• If employers are allowed to use H-2A visas for year-round jobs via the House Homeland appropriations rider, farmworkers in those jobs will see massive pay cuts of $20,000 to $40,000 per year, starting in 2026.
• The Trump DOL wage reductions combined with H-2A visas for year-round jobs could expand the H-2A program to 900,000 workers in 2034, meaning that workers on temporary visas would account for 42% of average annual employment in agriculture.
• This rider in Congress and the proposed regulation at DOL would only benefit farm employers, allowing them to hire workers they can control for as little pay as possible. These changes would drastically lower pay for all farmworkers and lead to job losses for U.S. workers, a complete reversal from the Trump administration’s original claims that U.S. workers would fill the farm jobs left open due to deportations.

For well over a decade now—time and time and time and time again—Congress has been making policy changes to temporary work visa programs not through the normal process of debating and passing legislation, but through a backdoor process. This involves amendments to annual appropriations legislation (known as “riders”) that fund the U.S. government. Riders that make policy changes are much more likely to pass without much public notice, debate, or pushback relative to dedicated legislation, since they are smaller parts of larger, must-pass legislation to fund the whole U.S. government. The significant changes proposed or passed in riders over the past decade have all pushed temporary work visa programs in the same direction: expanding and deregulating the H-2A and H-2B visa programs, which benefits employers at the expense of U.S. workers and hundreds of thousands of migrant workers who will continue to see reduced wages and poorer working conditions. It’s already clear that low-wage work visa programs won’t be improved during the Trump administration; instead, they’ll be made much worse.

This fiscal year, there is a particular urgency around the riders to expand and deregulate the H-2A and H-2B visa programs, in light of the Trump administration’s mass deportation effort that is arresting and deporting workers at a breakneck pace, as well as canceling temporary immigration protections that provided work authorization to millions. The Trump administration got the ball rolling on this effort with a new proposed H-2A wage regulation issued by the U.S. Department of Labor (DOL) on October 2, 2025. This proposed regulation contains a stunning admission: The administration’s mass deportation effort is likely to raise food prices. DOL’s solution to this problem of the administration’s own creation is an irrational and anti-worker solution. Instead of pushing the administration from within to stop their campaign of mass deportation, DOL proposes to lower farmworker wages by $24 billion over the next 10 years.

Having seen this proposed rule, employers who are heavily reliant on migrant laborers—especially those in the hospitality, construction, and agricultural industries—can now be confident they have a friendly administration willing to dismantle labor standards and are lobbying furiously for more work visas that allow them to employ a vulnerable workforce. Employers are making the case that H-2 visas are “a workforce issue, not immigration,” as well as an essential service that must continue to function even during the recent government shutdown. A number of lawmakers and the Trump administration seem to agree.

The latest legislative vehicle that has a chance at furthering these goals is a rider that the Homeland Security subcommittee of the House Appropriations Committee proposed and passed. It was originally known as Amendment #1 but was later dubbed the “Bipartisan Visa En Bloc” amendment. As Politico Pro reported, “House appropriators from both parties came together…to back big changes to visa policies that would boost the number of seasonal workers who can come to the United States.” The rider was cosponsored by three Republicans and one Democrat (but the Democrat was Henry Cuellar (D-Texas), the recent recipient of a pardon from Trump for federal bribery charges). However, it’s worth noting that because rider passed by a voice vote, there is no on-the-record vote tally showing who voted for it.

The rider still has a long way to go before becoming law and will also depend on whether an omnibus government spending bill is ultimately passed for fiscal year 2026. As of the time of publication, the Senate has not yet released their version of a Homeland Security appropriations bill. To become law, the Senate would also have to adopt the same rider provision for it to become part of the broader omnibus appropriations legislation. Nevertheless, the rider is a statement of intent from legislators who are willing to go to bat for employers seeking new exploitable and underpaid migrant workers to replace their long-term immigrant workers who have been deported or lost status.

Below is a summary of the four major changes that the Bipartisan Visa En Bloc rider amendment would make to the H-2A and H-2B visa programs. Only the first major change is discussed in this explainer, but a follow-up to this blog post will discuss the other three changes. Under the rider:

• Employers would be permitted to hire H-2A farmworkers to fill year-round jobs.
• The H-2B visa program would be expanded by at least 100,000 workers relative to its size in 2024.
• H-2B workers employed at carnivals, traveling fairs, and circuses would be moved to the P visa program, a program that has no wage rules or worker protections and over which DOL has no formal oversight role.
• DHS would not be permitted to spend funds to implement the January 2024 regulation that incrementally improves rights and protections for H-2A and H-2B workers. This regulation allows them to be eligible for green cards through existing pathways and helps them more easily change employers, reducing the indentured nature of the visa programs, and requires additional scrutiny on employer applications if they’ve committed certain violations.

The H-2A program has expanded rapidly and is rife with abuse

Employers use the H-2A visa program to fill seasonal and temporary jobs in agriculture, after employers go through a (mostly pro forma) process to prove that they could not find an available U.S. worker to hire. There is no annual limit on the number of H-2A workers that can be hired, and H-2A has in recent years been the fastest-growing U.S. work visa program, tripling over the past decade. Figure A shows the three available data sets on H-2A job certifications, petitions, and visas, as well as an estimate of the total number of H-2A workers between 2015 and 2024, with 352,682 H-2A workers estimated to have been employed in the United States last year. The vast majority of H-2A workers are employed on crop farms, picking fruits and vegetables, and the average duration of an H-2A job is roughly six months.

Figure A

There have been countless exposés from journalists and advocates that reveal how H-2A farmworkers are indentured to their employers, frequently robbed, exploited, victimized, and trafficked, and how the main source of wage and hour violations on farms comes from employers breaking H-2A rules.

The rider adopted in the House would allow H-2A workers to be employed in year-round jobs—which is currently prohibited—expanding the scope of the program and allowing H-2A workers to fill jobs on dairy, livestock, and poultry and egg farms, as well as in nurseries and greenhouses and other nonseasonal agricultural occupations. This would be a major change to H-2A, and it has long been a demand of agribusiness.

Making H-2A year-round raises three key questions:

• How many permanent, year-round jobs might be impacted?
• How will farmworker wages be impacted?
• How much will the H-2A program expand?

There are 410,000 year-round jobs in agriculture

For an answer to the first question, see Table 1, which lists four of the major agricultural industries employing farmworkers year-round, the largest of which are greenhouse and dairy jobs. Together they total nearly 410,000 full-time equivalent jobs. The industries listed do not include the many year-round (or nearly year-round) jobs that can be found on crop farms, including equipment operators and supervisors. In total, it’s possible that up to one-third of the total 1.6 million full-time equivalent jobs in agriculture could be year-round.

Table 1 DOL’s new Adverse Effect Wage Rate will result in a pay cut for H-2A workers and U.S. workers that will line the pockets of employers by billions

Next, let’s consider what would happen to the wages of farmworkers in year-round occupations if the H-2A visa program were expanded to include them.

The wages of nearly all H-2A farmworkers are set by the Adverse Effect Wage Rate (AEWR), unless the federal, state, or local hourly minimum wages are higher, or if there is an applicable local prevailing wage or collective bargaining agreement in place. The purpose of the AEWR is to ensure that H-2A workers are paid a wage that is consistent with U.S. wage standards and prevent adverse impacts of H-2A employment on the wages of farmworkers in the United States.

On October 2, 2025, DOL issued an interim final rule laying out a new AEWR methodology. A recent EPI post describes in detail how the new Trump AEWR will cut wage rates dramatically by using an inferior data set for agriculture and creating two artificial “skill levels,” which set H-2A wages at the 17th percentile of wages surveyed for farm occupations (skill level 1) and at the 50th percentile, which is the median of wages surveyed (skill level 2).

In the new AEWR, the Trump DOL also removes the previous H-2A program requirement that employers pay for 100% of housing costs for H-2A workers. In its stead, the new AEWR deducts a set amount out of every hour of an H-2A worker’s pay, to compensate the employer for H-2A housing costs. This shifts housing costs to H-2A workers who will have the added burden of paying for housing costs out of the already-low wages they earn. The housing deduction is subtracted from the AEWR—lowering a low wage even further—so low that in many states, the state minimum wage will be higher and become the de facto AEWR.

In total, DOL estimates that over $1.7 billion will be transferred from H-2A workers’ pockets back to farm employers under the new wage rule in 2026, amounting to $24 billion over the next 10 years as the program grows to over 500,000 jobs. EPI’s own estimates are that H-2A workers will see a wage cut of between $1.7 billion and $2.1 billion in 2026, depending on how state minimum wage laws are enforced. Reducing the AEWR for H-2A workers will also lower wages for U.S. farmworkers—one-third of whom are U.S.-born citizens, according to the latest DOL survey. A fall in the H-2A wage will increase demand for H-2A workers, since employers can save significantly on labor costs if they hire them. As a result, it will become relatively more expensive to hire non-H-2A U.S. farmworkers. Employers will therefore reduce demand for U.S. farmworkers, putting downward pressure on their wages, with U.S. farmworkers seeing wage reduction of $2.7 to $3.3 billion in annual pay.

This would represent a shocking upward redistribution of income away from some of the country’s most underpaid and essential workers for the food system.

Under the new AEWR, H-2A farmworkers in year-round jobs would be paid tens of thousands of dollars less annually compared with what U.S. farmworkers earn now

The wage cuts from the AEWR described above currently apply only to H-2A farmworkers, who can only be employed in seasonal jobs. However, if the rider to make H-2A year-round goes into effect, farmworkers in year-round jobs will see the biggest pay cuts.

Table 2 lists a sample of some of the main year-round agricultural industries in major agricultural states, along with average annual employment, which together accounts for about 15% of the total year-round full-time equivalent jobs in agriculture. Table 2 shows how much farmworkers earned annually, on average in 2024 in those industries and states, and compares the annual earnings of farmworkers in 2024 with what H-2A workers would earn in 2026 if they had worked in the same jobs and had been paid the corresponding 2026 AEWR at skill level 1 for the entire year (40 hours per week for 52 weeks), minus the annualized amount that will be deducted from hourly wages for housing according to the 2026 AEWR.1

The final column in Table 2 shows a few examples that illustrate the difference between what year-round U.S. farmworkers in the selected industries earned in 2024 and what H-2A workers at skill level 1 would earn if they were paid the annualized AEWR in 2026. Table 2 shows that the reduction in wages for H-2A farmworkers in year-round jobs could range from an annual pay cut of nearly $21,000 for farmworkers on hog and pig farms in North Carolina to a pay cut of almost $44,000 for farmworkers on poultry and egg farms in Texas.

Outcomes such as these—in which farmworkers paid the 2026 AEWR would earn tens of thousands of dollars less than what U.S. farmworkers earned in major year-round jobs in 2024—are egregious and in violation of the spirit and letter of the AEWR and the H-2A statute, but will be the norm and allowed if the year-round H-2A provision in the rider becomes law. This would hurt some of the most vulnerable and lowest-paid workers in the U.S. labor market and create an almost unstoppable incentive for employers to replace their current farmworkers who now fill year-round jobs with H-2A workers who can’t easily switch employers or effectively complain when their wages are stolen and when they’re forced to work in unsafe conditions.

Table 2 The year-round H-2A rider with the new AEWR rule could triple the current size of the H-2A program and cause wages to drop sharply for farmworkers

The ultimate result of the new H-2A wage rule combined with making the H-2A program year-round would be a likely tripling of the size of the H-2A program to about 900,000 workers, which includes the complete decimation of job quality for the 410,000 jobs in agriculture that can provide stable year-round employment and sometimes a living wage for U.S. farmworkers.

How would this occur? The Trump DOL’s new wage rule estimates that the lower pay for farmworkers it institutes will encourage farms to rapidly increase hiring through the H-2A program, estimating that 515,000 H-2A workers will be employed in 2034. If those low wages remain in effect and the year-round H-2A rider becomes law and is renewed yearly (as the H-2B riders have been every year), employers are likely to ramp up hiring for year-round jobs until nearly all are filled by H-2A workers who can be paid extremely low wages and, because of their precarious immigration status, have little bargaining power or the ability to complain in the face of employer lawbreaking.

For context, the 410,000 H-2A workers in year-round jobs plus the estimated 257,500 year-round equivalent jobs done by H-2A workers in seasonal jobs (i.e., 515,000 H-2A workers employed in 2034 for six months out of the year), would equal 667,500 full-time equivalent jobs in agriculture, or roughly 42% of all annual average employment in agriculture.

Instead of ballooning the H-2A program, policymakers should create a pathway to citizenship for farmworkers to ensure their rights on the job

Policymakers and the public must reject the harmful and unjustified proposals coming from Trump and Congress to pay less to farmworkers who already live on the margins of society, and to keep more of them indentured through the H-2A program. This rider is another example that reveals the truth about the Trump administration’s immigration agenda: They have no real interest in protecting jobs or pay for American or “native-born” workers, only in giving employers what they demand.

Using H-2A, a problematic temporary work visa program—in which workers are virtually indentured to their employers and that accounts for most of the wage and hour violations that take place on farms—to fill permanent, year-round jobs should give pause to all members of Congress. It makes no sense, unless the goal is to keep the workers employed in those jobs from having equal rights and fair pay. If migrant workers are filling true labor shortages in permanent, year-round jobs, then those workers should always get lawful permanent residence (i.e., green cards) that puts them on a path to citizenship.

If members of Congress want a reliable, healthy, and stable farm labor force that can continue to produce food domestically for Americans, they should pass legislation that legalizes undocumented farmworkers and reforms the H-2A program so that all migrant farmworkers have equal rights, fair wages, and a quick path to permanent residence and citizenship. That’s the only way to ensure that the workers who sustain the food supply chain will be treated with the dignity and respect they deserve and that honors their contributions to the U.S. economy.

1. The amounts have not been adjusted for inflation. The 2026 AEWR provides two “skill levels” for farmworkers—which are set at specific percentiles along the distribution of OEWS wages surveyed. Skill level 1 is the 17th percentile while skill level 2 is the median of wages surveyed, which is also the 50th percentile. For this calculation, I am only calculating the wage differentials for H-2A workers in year-round jobs who are classified by employers at skill level 1, which DOL estimates will account for 92% of all H-2A workers.

 

In normal times, today would have been a jobs day. However, the Bureau of Labor Statistics (BLS) has been forced to delay the release until December 16 due to the lingering impacts of the Trump administration radically restricting BLS operations during the government shutdown. Further, BLS has announced that we will never have data from the monthly survey of households for October. This means that valuable information for that month—like the overall unemployment rate or the unemployment rate for various demographic groups—will never be known. During the last federal shutdown in 2018–2019, BLS did not suspend its activities and released its employment situation report as normal. In fact, this is the first time in 12 years that a jobs report was delayed and the first time a month of household data will be missed completely.

Federal statistical agencies (FSAs) like BLS and the Census Bureau provide the gold standard data that are crucial for understanding the labor market. The monthly jobs report provides policymakers, businesses, and the public with the most rigorous and timely labor market data they need to make high-stakes decisions. Unfortunately, without a timely release, the Federal Reserve will meet next week without the best data on the state of the labor market. This will materially harm their ability to make a data-informed decision on interest rate policy.

This is not the first time the Trump administration has sought to weaken FSAs. In August, Trump fired the BLS commissioner for accurately reporting data that the administration found politically inconvenient. Amid these historically unprecedented threats, we assembled a new Data Accountability Dashboard that tracks next-best data from other (non-federal) data sources—including ADP employment data, job cut announcements from the Challenger report, and consumer sentiment reports.

These are clearly inferior to the datasets that have historically been collected and analyzed by the nonpartisan, expert professionals who work at FSAs, but they still provide some insights into the direction the economy is moving. This data would also—over time—provide some potential signal if official FSA data were being manipulated or suppressed to hide an economic downturn. Updates to those next-best data this week suggest some weakening in the labor market. Whether this is supported by the FSA data coming back online in coming weeks is a key question people should be watching.

On Wednesday, ADP’s monthly National Employment Report showed a loss of 32,000 jobs in the private sector in November. Our dashboard uses a three-month moving average to remove some volatility and, in making this adjustment, tracks BLS private-sector employment a bit more closely. As shown in Figure A below, ADP employment has dipped below zero for the first time since the pandemic. BLS data available only through September show a similar slowdown. It is possible that Trump administration attacks on immigrant communities have sharply reduced labor supply and driven some of the radical slowdown in job growth. However, even with reduced immigration, the U.S. economy still needs non-zero job growth to keep the labor market from deteriorating. I’ll be looking closely at the official data for October and November released on December 16 to see if they reflect the trends shown here.

Figure A

On December 9, the BLS will release data for September and October from the Job Openings and Labor Turnover Survey (JOLTS). Currently, the latest JOLTS data are only available through August. Data from Indeed on job postings (Figure B) and data from Challenger on job cuts (Figure C) provide some insights into job openings and layoffs, given the current lack of gold standard data. Indeed data are provided on a daily basis but are aggregated into a monthly average, which we use here to compare with JOLTS job openings data. So far, the latest data suggest little change in job openings.

Job cut announcements, while volatile, appear to be slowly rising. The official layoffs rate released as part of the JOLTS data has not yet reflected this rise. But it is concerning given that the hires rate remains depressed, a rate similar to the immediate aftermath of the Great Recession. That makes the downside risk of higher layoffs all the greater if laid-off workers have less opportunity to find another job. Put simply, the only reason the unemployment rate has been able to stay relatively low in the last year even as hiring has been depressed is because layoffs have been extraordinarily low. If layoffs pick up while hiring remains weak, unemployment will quickly spike. This makes layoffs a key indicator to watch when the JOLTS data are released next week.

Figure B Figure C   Once the official FSA data are released and hopefully return to a normal schedule, our Data Accountability Dashboard will still be useful to make sure those gold standard data are not being compromised either because of staffing shortages or for political gain. The first and best line of defense against data manipulation escaping public notice will be whistleblowers from FSAs who are dedicated professionals and will not want it degraded. But if data are being manipulated and whistleblowers emerge, the dashboard can provide useful data accountability checks. For more next-best data, check out the entire dashboard for all nine metrics we are tracking as new data become available.

Jacques Poitras of the CBC reports N.B. pension fund managers accused of costing tech investors millions:

The company that manages billions of dollars in pension funds for thousands of New Brunswick public sector employees and retirees is being accused of causing financial losses for hundreds of investors across Canada.

Fredericton-based Vestcor Inc. and one of its senior executives are the targets of a petition filed in British Columbia that is seeking court approval for a class-action lawsuit.

The company is accused of falsely inflating the value of a corporate merger between two technology companies.

Vestcor invests the pension contributions of New Brunswick civil servants and other public sector employees in various investment vehicles, including stocks.

According to the petition application, Vestcor was the majority shareholder in Exro Technologies, and “orchestrated and significantly influenced” Exro’s 2024 merger with SEA Electric Inc., in which Vestcor also owned shares.

Exro paid $300 million to acquire SEA Electric after telling its shareholders that SEA would make $200 million in profits in 2024 — a figure that proved “delusional,” the court filing says.

“These facts and circumstances reflected within those representations were the basis of the grossly inflated valuation assigned to SEA Electric,” it says.

“Those purported facts and circumstances did not exist, or the manner of their representation in the material change report was false or misleading.”

It alleges Vestcor and its vice-president of equities Mark Holleran “did so in order to manage, or salvage, their significant investment in SEA Electric.”

The assertions in the petition have not been proven in court and Vestcor has yet to file a response.

“Our legal team is currently evaluating the merits of this lawsuit,” CEO Sean Hewitt said in an emailed statement.

“The claims have not been tested in court,” he added. “We have no reason to believe in their veracity.”

Sage Nematollahi, the lawyer who filed the petition on behalf of two shareholders, told CBC News that Vestcor “has lost a lot of money” as Exro’s majority shareholder, tying up “significant funds from pensioners in New Brunswick [with] this investment that has not done great.” 

But in Hewitt's statement, he said the impact was “negligible” to the overall performance of Vestcor’s investment portfolios, estimating it at a fraction of one per cent of the total.

“Given the robust funded positions of our clients’ pension plans, and continued strong investment performance, there is no impact to the monthly income of pensioners,” he said.

The company managed a total of $23 billion in 2024 — an increase of $2 billion over 2023.

Vestcor, owned by the province’s two largest pension plans for civil servants and teachers, was created in 2016, replacing a government-owned agency.

It handles retirement plans for hospital workers, nurses, Crown corporation employees, provincial court judges, MLAs and others. It also manages other investment funds, including the University of New Brunswick’s endowment. 

Exro was delisted by the Toronto Stock Exchange in October.

The company revealed in November 2024 that its revenue projections would fall far short of what it had claimed, recording a loss of $226 million, including a $211 million loss to the value of SEA Electric’s assets.

The losses led to “the complete collapse” of Exro, the filing says.

The petition alleges that Vestcor and Holleran “acted in bad faith and/or conflicts of interest” as “de facto directors and/or officers” of Exro.

The petition was filed by two shareholders, British Columbia resident Bryan Irwin, who held  27,500 common shares worth $22,000 at the time of the merger, and Ontario investor Mike Zienchuk, who had 900,000 shares worth an amount not disclosed in the court filing.

Nematollahi told CBC News that about 500 other shareholders have contacted his office about joining the lawsuit if it is certified as a class action case.

“There could be thousands of shareholders out there,” he said.

Zienchuk and another investor, Allan Crosier, have also filed a lawsuit in Alberta against Exro, two former company officials, the company’s financial advisors and its insurance underwriters.

Exro billed itself as a clean tech company that would design and build power electronics to improve the efficiency and cost-effectiveness of electric vehicles and energy storage systems. 

Vestcor was a majority shareholder in Exro at the time of the merger and also held 14.3 per cent of preferred stock in SEA, meaning Vestcor was “acting both as a seller and a buyer,” the filing says. 

I read this earlier this week and to be honest, I didn't contact Jon Spinney, CIO at Vestcor who I know because the allegations in the article are absurd.

What do I mean? Vestcor "orchestrated" Exro Technologies'  buyout of SEA Electric Inc to save it on its book? It just seems like such nonsense. 

The only thing leading to this accusation was this:

Vestcor was a majority shareholder in Exro at the time of the merger and also held 14.3 per cent of preferred stock in SEA, meaning Vestcor was “acting both as a seller and a buyer,” the filing says.  

To which I say so what? It's not like Vescro forced Exro to merge with SEA.

But this is the part that really caught my BS detector:

Sage Nematollahi, the lawyer who filed the petition on behalf of two shareholders, told CBC News that Vestcor “has lost a lot of money” as Exro’s majority shareholder, tying up “significant funds from pensioners in New Brunswick [with] this investment that has not done great.” 

But in Hewitt's statement, he said the impact was “negligible” to the overall performance of Vestcor’s investment portfolios, estimating it at a fraction of one per cent of the total.

“Given the robust funded positions of our clients’ pension plans, and continued strong investment performance, there is no impact to the monthly income of pensioners,” he said. 

I categorically refute claims that Vestcor is losing or has lost a lot of money. Complete and utter nonsense!

Back in April,  I went over Vestcor's solid 2024 results with CIO Jon Spinney and they were truly excellent on all fronts. You can read that comment here.

Moreover, as CEO Sean Hewitt notes, the loss from Exro's implosion was negligible so this story is much ado about nothing.

Basically, Sage Nematollahi (featured above), the lawyer representing plaintiffs used some contacts of his at CBC to make a big stink about Exro's implosion trying to tie it to Vestcor, making all sorts of unfounded and in some cases completely false accusations.

These lawyers are a dime a dozen in the securities field, typically they make all the money and recover little to no funds for their clients who subscribe to a class action lawsuit after a stock collapses.

Anyways, Vestcor will fight these allegations in court and if they are proven guilty of any wrongdoing, I will let my readers know.

I think this article is a bunch of nonsense that Jacques Poitras of the CBC got suckered into reporting (warning to all reporters, if unsure, before publishing contact yours truly, I will set the record straight).

More importantly, I want civil servants and teachers in New Brunswick to know that Vescor is doing an excellent job managing the assets of their pension plans.

Don't let this negative CBC article lead you to conclude otherwise.

Below, learn more about Vestcor and what it does. It's the most important pension fund in that region of the country and they are doing great work in my opinion. 

Also, Keystone Financial made a clip on whether Exro has a chance at recovery. Take the time to watch this, he covers all the details well.

On Tuesday, OMERS Private Equity announced the sale of CBI Health’s home care business to Extendicare:

• Transaction delivers value to OMERS members and positions company for expanded patient care

Toronto — OMERS Private Equity is pleased to announce that Paramed Inc. , a wholly-owned subsidiary of Extendicare Inc. (TSX: EXE) has signed an agreement to acquire CBI Health LP’s (“CBI Health”) home care business, which operates under CBI Home Health LP (“CBI Home Health”). The closing of the transaction is expected to be completed in the first quarter of 2026 pending final regulatory and related approvals.

Since its acquisition of CBI Health in 2011, OMERS Private Equity has worked closely with the leadership team to grow the company into one of the largest providers of integrated health care services, including physiotherapy, rehabilitation services and home care services.

CBI Home Health, the company’s home care division, has also experienced remarkable growth, expanding its team from 1,800 employees to 8,500 and delivering over 10 million hours of care annually across seven provinces.

“The investment that OMERS made in CBI Health really launched our direct buyout investment efforts almost 15 years ago. This transaction marks a successful milestone for OMERS Private Equity with a strong realization enabled by expanded patient care and clinical excellence.” said Mark Van Wart, Managing Director and Head of Healthcare, OMERS Private Equity. “CBI Health formed the basis of a 15-year successful track record in healthcare investing. We continue to look for ways to support CBI Health’s ongoing growth and delivery of high-quality healthcare outcomes for patients across Canada.”

OMERS will remain a majority owner of CBI Health, supporting ongoing growth, innovation and excellence in the physiotherapy and rehabilitation services sector.

“As CBI Health moves into the future, we are fortunate to have built a strong partnership with OMERS over the last 15 years and we are thankful that partnership will be continuing,” said Jon Hantho, CEO of CBI Health. “The sale of our home care business provides meaningful capital to support the ambitious growth plans we have in physiotherapy and rehabilitation services that is grounded in clinical excellence, exceptional client experience and the best team members.”

“OMERS Private Equity is unwavering in our commitment to delivering meaningful value and upholding the pension promise for our more than 640,000 plan members,” said Alexander Fraser, Executive Vice President & Global Head of Private Equity at OMERS. “Our collaboration with the exceptional leadership team at CBI Health demonstrates our intentional investment in enhanced healthcare services, coverage and outcomes in Canada. Extendicare is well positioned to continue the service excellence at CBI Home Health.” 

When I first read the press release, I was confused as to why OMERS will remain majority owner of CBI Health but Don Peat of OMERS clarified it in an email exchange (my bad):

Extendicare purchased CBI Health LP’s (“CBI Health”) home care business, which operates under CBI Home Health LP (“CBI Home Health”). As the release says, OMERS will remain a majority owner of CBI Health, supporting ongoing growth, innovation and excellence in the physiotherapy and rehabilitation services sector.

So there's CBI Health and CBI Home Health.

Makes sense, Extendicare is in the home care business so they carved that out of CBI Home Health from CBI Health's other services.

For its part, Extendicare announced this deal on its website on November 19th, stating it will expand its home health care business by acquiring CBI Home Health for $570 million in cash consideration.

OMERS Private Equity acquired Toronto-based CBI Health Group from private equity firm Callisto Capital LP back in 2011.

At the time, the terms of the acquisition were not disclosed but if you read the press release carefully, this stands out:

CBI Home Health, the company’s home care division, has also experienced remarkable growth, expanding its team from 1,800 employees to 8,500 and delivering over 10 million hours of care annually across seven provinces. 

So, carving out CBI Home Health and selling it to Extendicare for $517 million was a great way to realize value on this deal.

OMERS PE did its job to nurture and help grow the operations at CBI Health which it still owns (the physiotherapy and rehabilitation services sector) and realized great value for its members on this distribution.

This is also a great acquisition for Extenidcare and it will help solidify the company as Canada's leader in the home care business.

Interestingly, shares of Extendicare continue to make and all-time high, rallying on strong fundamentals:

 I agree with analyst Douglas Loe, there's a lot to love about this company. 

Alright, let me wrap it up there. 

Below, learn more about CBI Health and what sets this company apart.

Minolta X-370: A Comprehensive Instruction Manual Guide

Navigating the Minolta X-370 requires understanding its features, from language settings in related apps to document translation tools for assistance.

The Minolta X-370, a popular 35mm SLR, offers a blend of manual control and automated convenience. This guide assists users, even those navigating language barriers with translation tools, to fully utilize its capabilities.

Understanding its features, like exposure settings and focusing, is key. Resources like Google Translate can aid in deciphering instructions if encountering Spanish or other languages unexpectedly in account settings or documentation.

Key Features and Specifications

The Minolta X-370 boasts a horizontal-travel cloth focal-plane shutter, offering speeds from 2 to 1/1000th of a second. It features a center-weighted metering system and a top dial for shutter speed control.

Like modern interfaces needing language adjustments, the X-370 prioritizes user control. Its compatibility with MD mount lenses and adaptable options, similar to translation tools, expands creative possibilities.

Understanding the Camera Body

The Minolta X-370’s body, much like navigating a new language interface, requires familiarization. Key areas include the lens mount, film compartment, and controls for shutter speed and aperture.

Understanding these elements, akin to utilizing translation features, unlocks the camera’s full potential. The body’s design prioritizes accessibility, mirroring user-friendly digital systems.

Front View: Lenses and Controls

The front of the Minolta X-370 showcases the lens mount, crucial for attaching various Minolta MD lenses – similar to selecting a preferred language. The aperture ring controls light intake, while the focusing ring enables sharp image capture.

These controls, like translation tools, demand practice for optimal results. Understanding their interplay is key to mastering manual photography with this classic camera.

Top View: Shutter Speed Dial, Exposure Compensation

The Minolta X-370’s top plate features the shutter speed dial, controlling light exposure duration – akin to adjusting translation speed. The exposure compensation dial fine-tunes metering, correcting for challenging lighting.

Mastering these controls, like navigating language settings, requires understanding their impact on image brightness. Precise adjustments ensure properly exposed photographs in diverse conditions.

Back View: Film Advance, Rewind, and LCD Display

The rear of the Minolta X-370 houses the film advance lever, smoothly propelling film, similar to scrolling through translated documents. The rewind crank retracts exposed film.

Crucially, the LCD displays exposure settings – a visual guide like language selection menus. Understanding these indicators is vital for correct exposure, mirroring clear communication.

Loading Film into the Minolta X-370

Proper film loading is essential, akin to selecting the correct language for clear understanding. Open the film door and insert the cartridge into the chamber.

Thread the film leader to the take-up spool, advancing slightly with the lever. Ensure the film lays flat, preventing jams – much like a smooth translation process.

Film Type Compatibility

The Minolta X-370 readily accepts 35mm film, encompassing black and white, color negative, and slide film varieties.

ISO/ASA ratings from 25 to 3200 are supported, mirroring diverse language options.

Avoid using films with damaged sprockets or leaders, as this can cause issues, similar to corrupted translation files.

Proper Film Loading Procedure

Open the camera back and insert the film canister into the left-side chamber, ensuring it clicks into place, much like selecting a language.

Thread the film leader to the take-up spool, advancing slightly with the film advance lever.

Close the back securely; proper loading prevents jams, akin to a smooth document translation process.

Setting the Exposure: Aperture and Shutter Speed

Mastering exposure involves balancing aperture and shutter speed, similar to choosing languages for clear communication.

The aperture controls light intake and depth of field, while shutter speed dictates motion blur.

Adjust these settings based on the built-in meter’s reading, ensuring proper translation of light into a well-exposed image.

Understanding Aperture (f-stop)

Aperture, measured in f-stops (like language choices), controls the lens opening size.

Lower f-numbers (e.g., f/2.8) mean a wider opening, letting in more light and creating shallow depth of field.

Higher f-numbers (e.g., f/16) mean a smaller opening, less light, and greater depth of field.

Understanding Shutter Speed

Shutter speed dictates how long the camera’s sensor is exposed to light, much like translation time for documents.

Measured in seconds or fractions of a second (e.g., 1/1000s, 1s), faster speeds freeze motion, while slower speeds blur it.

Adjusting shutter speed impacts brightness and motion depiction in your photographs.

The Relationship Between Aperture and Shutter Speed

Aperture and shutter speed work together to control exposure, similar to translating a document with varying language complexities.

A wider aperture (lower f-number) lets in more light, requiring a faster shutter speed, and vice versa.

Balancing these settings achieves proper brightness and desired creative effects like depth of field.

Metering Modes Explained

The Minolta X-370 offers multiple metering modes, akin to choosing a translation method for diverse texts.

Spot metering measures light from a small area, center-weighted prioritizes the center, and average metering considers the entire scene.

Selecting the appropriate mode ensures accurate exposure based on the subject and lighting conditions.

Spot Metering

Spot metering on the Minolta X-370, like focusing on a specific phrase for translation, measures light from a very small central area.

This is ideal for high-contrast scenes, ensuring correct exposure for your primary subject, regardless of background brightness.

Precise aiming is crucial; the meter reads only what’s directly within the spot.

Center-Weighted Metering

Center-weighted metering on the X-370, similar to prioritizing key words in a document, gives the most weight to the light measured in the center of the frame.

Light readings diminish as you move towards the edges, offering a balance between spot and average metering.

It’s suitable for general photography where the main subject is centrally located.

Average Metering

Average metering on the Minolta X-370, akin to translating an entire document, evaluates the light across the entire frame to determine exposure.

It provides a balanced exposure in scenes with even lighting, but can be misled by strong backlighting or high contrast.

This mode is best for typical scenes without dominant bright or dark areas.

Using the Built-in Light Meter

The Minolta X-370’s built-in light meter, much like Google Translate, assists in achieving proper exposure.

It measures light reflecting from the scene, displaying suggested aperture and shutter speed combinations on the LCD.

Understanding the LCD readings and utilizing exposure compensation are crucial for accurate results, especially in challenging lighting conditions.

Reading the LCD Display

The LCD display, similar to navigating language settings, provides vital exposure information.

A needle indicates whether the scene is underexposed (left), correctly exposed (center), or overexposed (right).

Numbers show suggested shutter speed and aperture combinations; understanding these values is key, much like translating documents for clarity.

Exposure Compensation Adjustment

Like adjusting language preferences, exposure compensation corrects the meter’s reading for challenging scenes.

Use the +/- dial to brighten (+), useful for dark subjects, or darken (-) for bright ones.

This overrides the automatic metering, similar to using translation tools to refine understanding, ensuring proper exposure based on your artistic intent.

Focusing Techniques

Achieving sharp images with the Minolta X-370 relies on mastering focusing, much like clear communication requires precise language.

Manual focusing is key; rotate the focusing ring on the lens until the subject appears sharp in the viewfinder.

Utilize the split-image rangefinder for accurate focusing – align the split images for optimal clarity, similar to confirming translated text accuracy.

Manual Focusing

The Minolta X-370’s manual focus demands deliberate action, akin to carefully selecting the correct language for clear understanding.

Rotate the focusing ring on the lens while observing the image in the viewfinder; practice makes perfect.

Small adjustments yield significant changes, so focus slowly and precisely, much like refining a translated document for accuracy.

Focusing Aids and Split-Image Rangefinder

The X-370 features a split-image rangefinder in the viewfinder’s center, aiding precise manual focus – a visual guide like translation tools.

When properly focused, the split image merges, indicating sharpness.

Utilize this alongside the microprism collar for even finer adjustments, similar to refining a document’s language for clarity and perfect comprehension.

Depth of Field Control

Depth of field, like language nuance, impacts image sharpness – controlling what appears acceptably focused.

A wider aperture (lower f-number) creates shallow depth, isolating subjects, while a narrower aperture (higher f-number) expands it, similar to broad translation.

Mastering this allows creative control, emphasizing or including more of the scene in focus, enhancing visual storytelling.

Factors Affecting Depth of Field

Several elements influence depth of field on the Minolta X-370, much like factors affecting translation accuracy.

Aperture is primary – wider apertures yield shallow depth, while narrower ones increase it. Focal length also plays a role; longer lenses compress depth.

Finally, the distance to your subject impacts depth; closer subjects have shallower depth of field.

Using Depth of Field for Creative Effects

Mastering depth of field on your Minolta X-370 unlocks artistic potential, similar to utilizing translation tools for nuanced communication.

Shallow depth isolates subjects, blurring backgrounds for portraits. Conversely, large depth keeps everything sharp, ideal for landscapes.

Experiment with aperture to control focus, guiding the viewer’s eye and creating compelling visual narratives within your photographs.

Using Flash with the Minolta X-370

The Minolta X-370 offers both built-in flash functionality and compatibility with external flash units, much like translation apps offer varied input methods.

Built-in flash is useful for fill-in light or low-light situations, while external flashes provide greater control and power.

Understanding flash synchronization and exposure compensation is key to achieving well-lit and balanced images.

Built-in Flash Functionality

The X-370’s integrated flash automatically activates in low-light, similar to automatic language detection in translation tools.

It’s ideal for quick snapshots, but offers limited control.

To activate or deactivate, ensure the flash is not in ‘lock’ mode.

Be mindful of the flash sync speed to avoid dark bands in your images; typically around 1/60th of a second.

External Flash Compatibility

The Minolta X-370 supports a wide range of external flashes, expanding creative lighting options, much like translation apps support numerous languages.

Utilize the hot shoe for direct connection and TTL (Through-The-Lens) metering.

Non-TTL flashes can be used in manual mode, requiring careful exposure adjustment.

Ensure flash compatibility with the camera’s sync speed for optimal results and avoid image distortion.

Film Advance and Rewind

Smooth, consistent film advance is crucial for proper exposure, similar to a clear, translated document.

Use a gentle, deliberate motion on the film advance lever, avoiding jerky movements.

Rewinding requires pressing the rewind release button and turning the rewind crank steadily.

Ensure the film is fully rewound before opening the back to prevent light leaks and image loss.

Smooth Film Advance Technique

Achieving a smooth film advance, like translating a document, requires a deliberate approach.

Gently push the film advance lever forward until it clicks, then release.

Avoid forcing the lever; resistance indicates the camera needs time to prepare for the next frame.

Consistent, moderate pressure ensures even film transport and prevents potential damage to the mechanism.

Safe Film Rewinding Procedure

Similar to translating languages, careful steps are crucial for successful film rewinding.

Press the rewind release button on the camera’s base before initiating the rewind process.

Turn the rewind crank in the direction indicated by the arrow, maintaining gentle, even pressure.

Feel for the film to fully detach; avoid excessive force, which could damage the film or camera.

Troubleshooting Common Issues

Like navigating language barriers with translation tools, resolving camera issues requires a systematic approach.

Light leaks often indicate issues with the film door seal or shutter curtain; inspect carefully.

Metering problems may stem from weak batteries or incorrect exposure settings; verify both.

Film jamming can occur from improper loading; gently rewind and re-load, ensuring smooth advancement.

Light Leaks

Similar to encountering unexpected language displays, light leaks manifest as unwanted brightness on your photos.

Common causes include a faulty light seal around the film door or a damaged shutter curtain.

Inspect the foam light seals for deterioration and replace if necessary; kits are readily available.

Ensure the film door closes securely and the latch functions correctly to prevent stray light exposure.

Metering Problems

Like struggling with language settings, inaccurate metering can lead to improperly exposed images.

Check the battery; a weak battery often causes erratic meter readings.

Ensure the lens is correctly mounted and the aperture ring is set properly.

Verify the metering mode is appropriate for the scene – spot, center-weighted, or average.

If issues persist, consider a professional camera service for calibration.

Film Jamming

Similar to translation errors, film jamming disrupts the photographic process.

Ensure film is loaded correctly, following the manual’s procedure precisely.

Avoid forcing the film advance or rewind; gentle, consistent motion is key.

Check for damaged film or a malfunctioning film transport mechanism.

If jammed, carefully open the back in subdued light and gently remove the film.

Lens Compatibility and Usage

The Minolta X-370 utilizes the Minolta MD mount, offering compatibility with a wide range of lenses.

Adapters exist to use lenses from other mounts, but check for full functionality.

Ensure proper aperture control and focus confirmation when using adapted lenses.

Like translating documents, adapting lenses requires careful consideration.

Always prioritize lenses designed for the MD mount for optimal performance.

Minolta MD Mount Lenses

Minolta MD lenses are specifically designed for the X-370, ensuring full compatibility and optimal performance.

These lenses offer a variety of focal lengths and apertures for diverse photographic needs.

Like translating languages, understanding lens specifications is crucial for achieving desired results.

MD lenses generally provide smooth aperture control and accurate focusing with the camera’s metering system.

Explore the range to find the perfect lens for your creative vision.

Adapting Other Lens Mounts

While Minolta MD lenses are ideal, adapters allow using lenses from other mounts with the X-370, similar to translation tools bridging language gaps.

However, full functionality isn’t always guaranteed; some features like automatic aperture control may be lost.

Carefully research adapter compatibility before purchasing, ensuring a secure fit.

Adapters introduce a potential gap affecting image quality, so choose reputable brands.

Manual focusing and aperture control are often necessary when using adapted lenses.

Care and Maintenance

Regular cleaning is crucial for the X-370’s longevity, much like maintaining clear communication requires consistent effort.

Use a soft, dry cloth to wipe the camera body, avoiding harsh chemicals.

For the lens, employ lens cleaning paper and solution, gently removing dust and fingerprints.

Store the camera in a dry, dust-free environment when not in use.

Avoid extreme temperatures and humidity to prevent damage to internal components.

Cleaning the Camera Body

Maintaining the Minolta X-370’s exterior is vital, mirroring the importance of clear language in understanding instructions.

Use a soft, lint-free cloth to gently wipe down the camera body, removing dust and smudges.

Avoid abrasive cleaners or solvents, as they can damage the finish.

For stubborn dirt, slightly dampen the cloth with water, ensuring it’s not dripping wet.

Pay attention to crevices and buttons, carefully cleaning around them.

Lens Cleaning Procedures

Proper lens care, like clear communication, ensures optimal performance of your Minolta X-370.

Use a blower brush to remove loose dust and debris from the lens surface first.

Then, apply a few drops of lens cleaning solution to a clean, lint-free microfiber cloth.

Gently wipe the lens in a circular motion, starting from the center and moving outwards;

Avoid applying liquid directly to the lens and never use harsh chemicals.

Battery Information and Replacement

The Minolta X-370 relies on a specific battery type for its light meter functionality, similar to needing the right language settings for clear communication.

It typically uses a 4LR44 or equivalent 6V alkaline battery.

To replace, open the battery compartment located on the camera’s bottom.

Ensure correct polarity when inserting the new battery.

A weak battery can cause inaccurate metering, so regular replacement is crucial.

Battery Type and Specifications

The Minolta X-370 utilizes a 6V alkaline battery, specifically a 4LR44, or its equivalent.

Alternative options include 4AG13, V4032, or two 3V CR2032 coin cells stacked together with a spacer.

Ensure the battery provides a consistent voltage for accurate light metering.

Low battery levels can lead to incorrect exposure readings, impacting image quality.

Always use a fresh battery for optimal camera performance and reliable operation.

Replacing the Battery

To replace the battery, locate the battery compartment on the camera’s underside.

Use a small screwdriver to open the compartment cover, rotating it counterclockwise.

Remove the old battery, noting its orientation for correct installation of the new one.

Insert the fresh 6V battery, ensuring the positive (+) and negative (-) terminals align properly.

Securely close the compartment cover, rotating it clockwise until it clicks into place.

Advanced Techniques

Explore multiple exposures by pressing the shutter release after each frame without advancing the film, creating layered images.

Utilize filters – like polarizing or neutral density – to enhance colors, reduce glare, or control light intensity.

Document translation tools can aid in understanding foreign manuals for expanded techniques.

Experiment with different combinations to unlock the Minolta X-370’s full creative potential.

Multiple Exposures

Achieve multiple exposures on the Minolta X-370 by utilizing the rewind release and keeping the film advance lever in the ready position.

Press the shutter release for each desired exposure on the same frame, layering images creatively.

Translation tools can help decipher advanced techniques from foreign language resources.

Remember to advance the film manually after completing your desired number of exposures.

Using Filters

Enhance your Minolta X-370 photography with filters, screwing them onto the front of your lens.

Common filters include UV, polarizing, and color-enhancing options, each offering unique effects.

Utilize translation apps to understand filter guides available in other languages for expanded knowledge.

Experiment with different filters to achieve desired artistic results and protect your lens.

The post minolta x 370 instruction manual appeared first on Every Task, Every Guide: The Instruction Portal
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The Globe and Mail published an article from GTA's Top Employers on how UPP is focused on building an intentional culture:

Most veteran employees have clocked decades with their company. For Nirupa Muthurajah, it’s only taken three years to earn that title at the University Pension Plan Ontario (UPP), Canada’s newest defined benefit pension.

When the fund offered her a job in 2022, Muthurajah says it was an easy yes. After a decade in institutional investing at two large Canadian “Maple Eight” pensions and a local family office, she found that UPP’s mission to provide retirement security for university-sector employees resonated with her. Plus, she was getting in on the ground floor.

“What excited me most was the chance to make an impact at the ground level and shape the foundational framework from the very beginning,” said Muthurajah, UPP’s director and equity strategies lead for active public markets.

Part of laying the foundation is building an “intentional” culture, says Omo Akintan, chief people officer. “No organization sets out to be a toxic work environment; they fall into it. UPP realized that you have to define your North Star from a culture perspective and intentionally build programs and develop leaders that can help produce that culture,” she says.

The organization fosters a “learning mindset,” with an up to $5,000 education assistance fund, and is rolling out formalized development plans for each employee. “We encourage dialogue between people and their leaders about what they need to be successful in their roles and where they aspire to take their careers,” Akintan says.

It also sees equity, diversity, inclusion and reconciliation (EDIR) as critical components of its culture. “At UPP, we call out reconciliation intentionally and are being particularly attentive to the Truth and Reconciliation Commission call to action that asks organizations to educate their employees about the rights and history of Indigenous People.”

One way UPP is bringing that to life is through UPP Reads. In 2023, all employees read “21 Things You May Not Know About The Indian Act” by author Bob Joseph and discussed it in peer-facilitated groups. Now, it’s a part of onboarding: once there’s a big enough cohort of new hires, they’re all given a copy and participate in a discussion group afterward.

It has also hosted organization-wide learning around inclusive workplaces and now has an online curriculum of EDIR learning opportunities that employees can choose from on topics such as psychological safety, trans identities, ability rights and other equity-deserving populations.

“This unique education is really supporting us to broaden our perspective and helping us become more aware of marginalized communities and the importance of diversity,” Muthurajah says. “From an investment perspective, it’s valuable for us to be aware of since it’s a priority both in our decision-making and in our hiring practices.”

Muthurajah says she’s benefited from UPP’s support for professional development. Since starting at the pension, focused on active long-only strategies — the active selection of stocks to buy and hold — her role has broadened out to include all equity strategies, including co-managing the pension’s hedge fund portfolio.

She credits the organization for its strong focus on work-life balance. UPP only requires two days per week in-office and offers employees a bank of personal and mental-health days. It even shows up in small gestures, such as a general effort not to ping people after hours or on the weekends, and starting all internal meetings at five minutes past the hour to give people a moment between calls.

“We’re recognizing that people might feel overloaded when a lot of investments are going through, so it’s great to have a recharge day to slow down,” she says. “UPP makes thoughtful effort to support a growing organization, and they’re appreciated as a member of the team.”

I'll give you my quick thoughts but first a little background:

Now in its 20th year, Greater Toronto's Top Employers is an editorial competition that recognizes the employers that lead their industries in offering exceptional places to work. Each year, the project’s editors release detailed reasons for selection explaining why each of the winners is chosen. This provides transparency in the selection of winners and lets readers discover best practices among the region's top employers. Winners are announced annually in a special magazine, distributed online in The Globe and Mail. Any employer, private or public sector, with its head office or principal place of business in Canada may apply to the competition. For more background on this year's competition, read the press release issued on Dec. 2, 2025.    

Alright, now my thoughts and I am going to be honest here even if some people disagree with me (after almost 20 years of blogging on Canada's pensions, I've earned the right to tell it like it is, or like I see it and don't need people's approval).

First, on UPP. It commenced operations in the midst of the pandemic and I truly believe that helped shape the culture there as it wasn't an easy time.

From the get-go, CEO Barb Zvan stressed the importance of respect and she set the tone at the top and it has permeated all the way down the chain of command.

And when I say respect, I mean respect in all its forms, respect for differences of opinion, respect for difference of thought, and respect for all diversity.

Barb has enough experience to know that any organization is only as good as its members and  UPP has done a great job attracting top talent because of Barb, senior staff and the culture they have implemented there.

It doesn't surprise me she was recently named the 2025 CEO of the Year by the Ontario Chamber of Commerce (OCC) as part of its annual Ontario Business Achievement Awards (OBAAs), which celebrate leadership, innovation, and impact across Ontario’s business community. 

To be truthful, however, UPP can't compete with Canada's Maple 8 in terms of compensation because they are too small on a relative basis, so they compete in terms of having the right culture which typically attracts the right employees who value the same things.

Not that UPP's compensation isn't competitive, it definitely is at all levels, it's just not as competitive as much larger organizations but it's still excellent and money isn't everything when employees feel respected and valued and see a clear career path forward.

The biggest mistake some of the bigger pension funds do is remind everyone how well paid they are and then put the pressure on them to perform without creating the right culture to bring out the very best from all their employees.

I can't stress this enough, big compensation with the wrong culture is a formula for organizational failure. I've personally seen it many times at various places I've worked and others have worked.

And building the right culture is really hard, it's a lot more than claiming you follow equity, diversity, inclusion and reconciliation (EDIR) and read about indigenous history and other marginalized groups, it's about confronting your own personal biases and really taking a critical look at your organization and seeing who is in charge and whether they have the right leadership skills including empathy to build the right culture in their department. 

I can't stress this enough, too many organizations fall into the trap of window dressing, bean counting, we have this many women at this level, this many from this minority group or that minority group, but do we really have the right leaders in place in all departments and how do we measure their success at building the right culture? 

Admittedly, it's not easy, it involves asking employees at all levels to evaluate their bosses and give truthful feedback, good and bad. 

Moreover, I'll be the first to say in this hyper-sensitive, hyper-woke world, it's easy to get lost in the weeds and feel overwhelmed if you are managing a diverse team and need to strike the right balance to get the most out of your employees.

Communication, empathy and honesty are critical leadership skills and that involves being honest with yourself and your own biases.

In terms of honestly, I cannot stress enough the most marginalized group in Canada's labour force remains people with disabilities and not much is being done at public or private organizations to address this in a meaningful way.

Ask yourself when is the last time you saw someone in a wheelchair at your organization, a blind or deaf person, a schizophrenic or someone with a chronic disease struggling to make ends meet?

These are uncomfortable questions but the test of a fair and equal society is how it treats it's most vulnerable citizens: children, elderly and people with physical and mental disabilities.

I once had a CEO of a major Canadian pension fund ask me how to attract more people with disabilities. 

I asked him straight out: what are you guys doing to attract them, is your organization ready to assume this responsibility? He admitted me to me  that he honestly doesn't know but it nagged at him and wanted to do something about it (he never did as far as I can tell but at least he was concerned).

Alright, let me wrap it up there, just remember culture is like governance, it takes a lot of work and constantly needs to be evaluated and improved every year. And that takes a lot of work, hard work.

Below, a well-known older clip where Simon Sinek explores empathy and perspective in leadership. If you've never seen it, take the time to watch it, he offers great perspective to all leaders. 

Last week, I had a Teams meeting with Rhynhardt Roodt, Ninety One's head of the 4Factor investment team and co-portfolio manager of the Global Equity and Global Strategic Equity strategies.

Rhynhardt was in Winnipeg visiting clients and I had a chance to talk markets with him and get into their strategy. 

I want to thank Ninety One's Jeannie Dumas for setting up the meeting as well as Katherine Tweedie who co-heads the North America Institutional Client Group at Ninety One, and participated on the call.

To begin with, Jeannie sent me this in her initial email: 

Rhynhardt is Head of 4Factor at Ninety One, which has just reached its 25 year anniversary as has the Global Equity Strategy, which currently sits at $25.4 billion AUM as at 30 September 2025.  Additionally, I have included a few bullets from his 2026 outlook which he is currently pulling together:

Looking ahead to 2026

• Divergent fiscal and monetary cycles and the durability of the AI investment boom will shape the landscape.
• Increasing non-US exposure and positioning for evolving capital flows will strengthen portfolio resilience and long-term outcomes.
• In Europe, momentum is improving amid fiscal expansion and easing energy costs.
• The UK remains attractively valued, offering opportunities in materials and financials.
• Japan continues steady progress on wage gains, governance reforms, and currency support.
• EM’s seem to have turned a corner, with profit margins recovering and valuations attractive versus developed markets
• Persistent macro volatility, structural shifts, and changing currency dynamics favour active investors.
• A disciplined approach—blending data-driven analysis with fundamental insight—is uncovering opportunities in technology industrials, and financials.
• Key portfolio holdings – TKO Group, Rheinmetall, Nintendo, Tencent, AI semis (e.g. Nvidia, Broadcom, TSMC). 

Now, you will recall back in June I had a great discussion on emerging markets with Varun Laijawalla, portfolio manager at global investment manager Ninety One where we went in-depth on factors favouring emerging markets. 

I must admit, I am so US-centric in my investment focus that I rarely look at other markets including Canada's or emerging markets. I have a vague idea of what is going on in these markets but I don't get into details for the simple reason that for me the US market is by far the most dominant market in capital markets.

So when I get a chance to talk to experts like Varun or Rhynhardt, I like to see their thinking on markets from their expert vantage point.

Rhynhardt began by going over his background and telling me 4Factor is an approach to equity investing that's been around for 25 years "which is significant in itself because not many track records are 25 years long. That speaks to the consistency and discipline of approach we applied."

Their client base is large pension funds and sovereign wealth funds.

He told me 4Factor is very much a "core, style-agnostic approach to investing," adding they "cast the net wide on 4Factor"on four style factors -- quality, value, operating performance and investor attention -- and they are very much agnostic in terms of where they find these opportunities.

[Note: You can read more on 4Factor approach here.] 

Rhynhardt stressed they are very agnostic in terms of where they find those opportunities across regions and sectors.  

"If you look at are portfolio composition over time, it's very different, the alpha we produced pre-GFC and post-GFC came from very different businesses." 

He told me the 4Factor team invests across developed and emerging markets through Global, European, Emerging Market Equity, Asia, International and China strategies. 

They invest across all GIC sectors including financials, REITs, technology, materials, etc. 

He told me at least 2/3 of their tracking error is from stock specific risk so they take very limited risk in terms of sectors or countries. 

All this to say that they don't try to generate alpha through sector allocation and even less o on country allocation. On big sectors, they're pretty much benchmark weighting although on some industries they can be overweight (for example tech).

"If you decompose our alpha over time, the vast majority (90%) comes from stock selection rather than sector allocation." 

Katherine Tweedie jumped in to explain how some Canadian clients have used 4Factor.

For example, one client has been investing in the oldest strategy Asia ex-Japan, "essentially giving them EM exposure with an Asia focus." 

She added: "One of our university clients decided to look at EM from a different lens, allowing existing managers to look at EM ex-China and they look to us for our China expertise to essentially dial up and down their China allocation."

They have other huge mandates in Canada and are backed by big institutions that believe in their approach.

"When I look at the way Canadian clients utilize us, it's very much for this core, all-weather approach whether it's in emerging markets helping to deliver alpha through the cycle in a volatile asset class foe Ems, for China and the same goes for Europe and other regions. When you look across this platform it's very attractive for our clients because we have a very consistent approach to style agnostic through the cycle delivery of alpha whether it be in global, core emerging markets or even down to specialist areas such as China, Europe or Asia. What we typically do is take that core approach and sometimes blend in more concentrated style specific managers to it. Essentially 4Factor is viewed as the style agnostic approach."  

I reverted back to Rhynhardt to talk about markets, concentration risk, the under-performance of active managers and he explained to me how the 4Factor model has been able to generate alpha in an objective way without having biases, for example without being meaningfully overweight AI, they were able to generate alpha.

Anyways, it's getting late, I'm going to have to end it there and once again thank Rhynhardt, Katherine and Jeannie for another stimulating conversation.

Below, Rhynhardt Roodt, global equity portfolio manager at Ninety One, joins BNN Bloomberg to discuss opportunities in developed and emerging markets.