TEC Canada is pleased to provide the Andersen Monthly 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 2024 PREVIEW:

Canada | Financial Stability Challenges | Interest Rate Cuts | Productivity Concerns

Canada’s economy is significantly weaker than the United States, burdened by higher household debt, high interest rates, poor productivity, and lack of competitive advantages like reshoring and high-tech business activity. Despite a series of early interest rate cuts by the Bank of Canada, economic recovery will take time, and these cuts will put downward pressure on the Canadian dollar.

United States | Inflation Uncertainty | Lower Interest Rates Ahead | Affordability Gains

U.S. estimates for the next two PCE inflation reports indicate uncertainty in achieving the targeted 2% inflation rate. However, expected rate cuts by the Fed in September could provide relief, especially for homebuyers anticipating lower interest rates. With the median sales price of new homes drifting lower and positive reports on business productivity and worker compensation, there is good news in the US for affordability and inflation.

Commodities | Market Volatility | Natural Gas Benefits | Rising Construction Costs

Commodity prices and the stock market are highly volatile. Oil prices continue to be influenced by the risk of conflict with Iran and uncertain global supply, alongside looming concerns over a potential U.S. recession and a global stock market selloff. Natural gas prices have dropped, benefiting industries like construction; however, the construction industry must also contend with increases in the costs of materials such as insulation and millwork.

Excited to dive into the full August 2024 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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