TEC Canada is pleased to provide the Andersen Monthly Economic Report exclusively to our members. 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.

Canada:

• As of mid-year, job vacancies are up by 26% from 2 years earlier. BC is the only province with employment above pre-pandemic levels.
• Residential construction has peaked in Canada. Building permits for single-family construction – a leading indicator for housing starts – shows a pronounced downturn beginning in April and continuing throughout the summer.

U.S.:

• The truck driver shortage is one of the most obvious cases of supply chain difficulties and is not going away anytime soon. There are no immediate options other than allowing younger drivers to drive interstate.
• The U.S. economy will be fully recovered by 2023 – with the unemployment rate stabilizing below 3.5%.

International:

• Increasing oil production – US shale, OPEC+ and non-OPEC – will outpace oil consumption and the world oil price will move below $70/barrel in 2022.

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