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 2025 PREVIEW:
Canada | Weaker growth | Trade headwinds | Policy-driven recovery
Canada’s economic growth has slowed sharply, with real GDP rising less than 1% as consumer spending stalls and business investment contracts. Housing and manufacturing remain weak, and the absence of a U.S. trade deal with ongoing tariffs is adding to export challenges. However, upcoming fiscal stimulus, lower interest rates, and new housing initiatives are expected to support a gradual recovery beginning in 2026.
United States | Resilient momentum | Mild softening risks | Supportive Fed stance
The U.S. economy continues to show strong momentum, driven by robust consumer spending, rising incomes, and business investment. While growth may moderate amid signs of softening activity and labour market strain, the overall outlook remains positive, with the Federal Reserve poised to sustain support through further rate cuts.
International | Housing-driven weakness | Mixed markets | Metals firm, oil stable
Weakness in single-family housing starts has driven down prices for lumber and most building materials, though millwork remains an exception, with prices at their highest since 2023. Broader commodity markets are mixed, with a weaker U.S. dollar and expectations of Fed rate cuts supporting modest gains in metals, while oil prices stay stable amid ongoing geopolitical risks.