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.
MARCH 2023 PREVIEW:
Canada’s Economy Stalls, Despite U.S. Growth
Canada’s economy stalled out in the 4th Quarter, with the growth rate dropping to zero after five consecutive quarterly increases. In stark contrast, the U.S. economy surged ahead with a 4th Quarter growth rate of 2.7%.
The U.S. Economy is Resilient Despite Rising Interest Rates
With forecasts of an acceleration in the 1st Quarter real GDP growth and stronger-than-expected personal consumption in January, the U.S. economy has shown resilience in the face of rising interest rates. The U.S. economy is proving to be resilient, and the Fed is still not getting the results it wants.
Global Supply Chain Pressure Eases, But Prices of Input Materials Remain High
The global supply chain has seen a much-needed easing of pressure since the pandemic began, but it is still far from the pre-pandemic levels. Many industries are still struggling with the prices of input materials and supplies. The U.S. Producer Price Index for Final Demand saw a 0.7% increase in January, an annualized rate of 8.7% – a rate that was twice what economists had previously expected.
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