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.
- The Bank of Canada (BOC) survey showed that inflation expectations had moved higher; that firms were planning to pass through costs related to supply constraints, and that the cost of living was increasingly contributing to wage pressures.
- Housing starts have declined for 6 of the past 7 months, with December 2021 showing the lowest annual rate of units since December 2020.
- Supply-chain disruptions are restraining retail sales. There was one of the largest monthly e-commerce declines on record in December, posting a m/m decline of 8.7%
- Analyzing new orders for capital goods, business leaders expect a strong economy beyond the peak of the Omicron wave.
- There is an expectation that world oil consumption in 2022 will be significantly higher than in 2021. The shortage of natural gas outside of North America is also putting upward pressure on oil prices.
- Looking beyond the Omicron wave, commodity markets (copper, zinc, and nickel) could remain tight later in 2022 and 2023.
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