TEC Canada is pleased to provide the monthly Andersen Economic Report exclusively to our members to offer professional updates on the current economic environment in Canada, the USA, and globally. As the former assistant chief of the Bank of Canada’s research department, Dr. Peter Andersen provides valuable economic insight to help you make better business decisions.
JULY 2023 PREVIEW:
Canada | Supply and Inflation Pressures, High Consumer Spending, and Low Unemployment
Despite prior rate hikes, demand in interest rate-sensitive sectors in Canada has not cooled enough, leading to ongoing pressure on supply and inflation. Strong consumer spending and low unemployment are intensifying wage pressure, potentially squeezing corporate profits, while the anticipation of another rate increase is pushing up the Canadian dollar.
United States | Slowing Economy, Wage Inflation
At its June meeting, the Federal Reserve decided to maintain its target policy rate, disregarding recent inflation and wage inflation figures, in favor of waiting for clearer indications of the impact of monetary policy on inflation and demand. Despite the economy slowing down, it is projected to experience below-trend growth in Q3/23 rather than a downturn.
Global Economic Outlook | Production Cuts, Loss of Momentum
China’s economy is experiencing a significant loss of momentum, with weaker-than-expected data in various sectors and the need for renewed monetary stimulus. Global oil prices continue to trend downward despite production cuts, reflecting a soft global economy.
Excited to delve into the full July 2023 Andersen Economic Report? As a valued member of TEC Canada, you can access the complete report under the ‘Resources’ section of the TEC Canada App!
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