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.
October 2024 PREVIEW:
Canada | High Interest Rates | Weak Housing Market | Reliance on Public Sector Growth
Canada’s economy is underperforming, with high interest rates taking a toll and growth relying heavily on the public sector. The single-family housing market is weak with a continuous problem of housing affordability, commercial real estate is lagging, and consumers are feeling the financial pressure. However, the Bank of Canada can be expected to continue lowering its policy rate in aim to tap into the pent-up demand of consumers and push for future growth.
United States | Steady Growth | Confident Consumers | Low Layoffs
The U.S. economy is continuing to grow steadily, with a projected 3.1% growth in Q3. Consumers are spending confidently, layoffs are low, and job openings outnumber the unemployed. The U.S. can expect lower interest rates to boost up sales such as car sales, meeting pent-up demand.
Commodities | Shift to Domestic Products | Rising Cost Concerns | Supply Chain Adjustments
As U.S. interest rates ease and the USD weakens, there may be a shift toward greater reliance on U.S.-made products over imports. With cost control becoming a bigger concern and currencies like the Japanese Yen and Euro appreciating, supply chain relationships are likely to adjust in a shorter amount of time.
Excited to dive into the full October 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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