TEC Canada is pleased to provide the Andersen Monthly 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.
November 2024 PREVIEW:
Canada | Manufacturing Sector Declines | Bank of Canada to Cut Rates | Weaker Dollar May Boost Competition
Canada’s manufacturing sector is slumping, with shipment volumes and labour productivity both down. The Bank of Canada is expected to introduce further rate cuts, including a likely 50-point reduction. Combined with a weakening Canadian dollar to enhance competitiveness, these measures could help drive a rebound in the manufacturing sector and the economy.
United States | Large Deficit Post-Election | Interest Payments Rise | Spending May Increase Debt
The United States is at a crucial juncture marked by a recent national election and a significant federal budget deficit. With interest payments now surpassing $1 trillion, proposed tax and spending measures could potentially escalate the national debt, sustaining higher bond yields and persistent inflationary pressures.
Commodities | Gold Prices Reflect Worries | Inflation Persists | Low Energy Costs Aid Growth
Gold prices signal unease in financial markets, reflecting concerns over U.S. debt and potential risks from geopolitical conflicts. While 2025 may bring broad new fiscal stimulus, inflation risks remain. Meanwhile, low energy costs continue to support growth, and rising building material prices indicate optimism in housing demand.
Excited to dive into the full November 2024 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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