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.
September 2024 PREVIEW:
Canada | Slow Growth | Stagnant Employment Levels | Inflation Limits Spending
The Canadian economy is facing significant challenges, with growth slowing as consumers struggle with increasing grocery and mortgage costs. Employment levels have remained largely unchanged, and inflation is further restricting consumer spending. These factors together contribute to a more cautious and less optimistic economic outlook.
United States | Economic Resilience | Strong Consumer Confidence | Debt Remains a Concern
The U.S. economy continues to show resilience, with real GDP growing at an annualized rate of 2.0%, driven by robust consumer confidence and spending. Looking forward, economic growth is expected to be further bolstered by fiscal stimulus and potential interest rate cuts, despite worries about increasing government debt and inflation.
Commodities | Rising Volatility | Building Materials Climb | Demand for Construction Commodities
Commodity markets are experiencing heightened volatility, with lumber and building material prices expected to increase due to a rebound in U.S. housing starts. Furthermore, non-residential construction has surged, fueled by government infrastructure spending, driving up demand and prices for essential construction commodities.
Excited to dive into the full September 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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