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 2025 PREVIEW:
Canada | Resilient economy | Confidence up as counter-tariffs eased | Manufacturing steady
Canada’s economy remains resilient despite the trade war narrative, with strong employment in the Prairies, Quebec, and Atlantic Canada offsetting softness in Ontario. Confidence has improved after Prime Minister Carney’s easing of counter-tariffs revived U.S. trade talks, while manufacturing holds steady under CUSMA and housing strength is concentrated in multi-unit projects.
United States | Output up despite tariffs | Growth moderating | Fed poised to cut rates
The U.S. economy remains resilient, with industrial production and manufacturing output rising despite tariff headwinds. Growth is however moderating, with Q3 GDP projected at 2.3% and payroll gains slowing slightly. With trade uncertainty easing and confidence stabilizing, the Federal Reserve is expected to cut rates further to sustain momentum as inflation stays modest.
International | Tariffs reshape commodities | Mixed metals outlook | Oil policy-sensitive: agriculture exposed
Global commodity markets are being reshaped by tariffs and shifting demand. Steel has firmed but remains below recent peaks, aluminum faces oversupply pressures, and copper has weakened on tariff exemptions though a modest rebound is expected. Oil prices are moving more on monetary policy and currency shifts, while agricultural markets remain most exposed.
Excited to explore the full September 2025 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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