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.

July 2024 PREVIEW:

Canada | Economy Starting to Rebound | Increased Housing Demand | Economic Strain Persists

Canada’s economy saw a spring rebound, with notable gains in wholesale trade, mining, oil and gas extraction, and manufacturing. Housing demand and consumer spending have also increased, driven by significant population surges. However, the country continues to face economic strain, including high interest rates, a weak housing market, supply and affordability issues, and low private sector employment growth.

United States | Economy Showing Strong Demand Trends | Potential Inflation Slowdown | Interest Rates Remain Unchanged

The US economy is exhibiting strong demand trends and sustainable growth with high consumer spending. There are signs of a potential inflation slowdown, with easing inflation rates and a minimal 0.1% increase in the PCE index. However, interest rates remain unchanged as the Federal Reserve awaits more substantial evidence of cooling inflation.

Global | Construction Drives Prices | Flat Lumber and Steel Prices | High Electricity and Construction Demand

Building material prices are heavily supported by U.S. non-residential and multi-unit construction. Prices for softwood lumber, plywood, and iron and steel remain flat, while those for insulation materials, gypsum, and copper are rising. Natural gas prices are down but demand for electricity and construction is high with rapid developments of U.S. data centers.

Excited to dive into the full July 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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