TEC Canada is pleased to provide the monthly Andersen 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.
August 2023 PREVIEW:
Canada | Population Growth’s Impact on Consumer Demand, Spending, and 2024 Projections
Did you know that economic activity in Canada is expected to outperform the U.S. in 2024? This is largely due to a surge in population growth, which means that demand for consumer basics and shelter will remain high regardless of interest rates. It’s worth noting that while consumer expenditure was stronger than expected in the first half of 2023, experts predict a slowdown in the second half.
United States | Inflation Pressures, Consumer Spending, and Anticipated Interest Rate Changes
It seems that consumer spending is still struggling due to the rise in prices, which is affecting household budgets. There is a possibility that inflation may continue to increase in the coming months, especially with the potential increase in gasoline and food prices. It’s worth noting that interest rates have not reached their peak, and a potential rate increase by the Fed in September could push the upper boundary of the target range up to 5-3/4%.
Global Economic Outlook | Resurgent Inflation Amidst Continued Growth and Inflationary Pressures
Many countries are experiencing ongoing inflationary pressure. Although the decrease in gasoline prices initially helped to reduce inflation in the first half of 2023, it is now contributing to its resurgence. The global economy is grappling with persistent core inflation, as economic growth continues to exceed expectations.
Excited to delve into the full August 2023 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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