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.
- Employment recovery is in full swing. Full-time employment is now comfortably above February 2020, part-time employment is fully recovered and unemployment declined to 6% in November – not far above the 5.7% in February 2020.
- High house prices in big cities are causing buyers to seek more affordable properties in smaller cities. These homes, while cheaper, are often in need of improvement – a positive development for renovation and residential alterations.
- The U.S. has not reached peak inflation, which is already at a 39-year high. With price increases now widespread, consumers may change their behaviour, leading inflation to soar higher.
- Higher inflation over the next 3 months could speed up the timetable for the next rate increases.
- China’s zero-tolerance COVID protocols are causing shipping slowdowns and more congestions at ports. Expect to see more slowdowns in January as China is anxious to control Omicron in order to host the Winter Olympics in February.
- The Omicron surge is bad news for commodity prices; copper and nickel prices face downside risk and lumber prices have increased sharply.
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