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 2025 PREVIEW:
Canada | Exports down, unemployment up | Consumer spending steady | Regional resilience split
Canada’s economy is showing signs of strain, with declining exports, a widening trade deficit, and a 7% unemployment rate raising the risk of a GDP contraction. However, consumer spending remains a stabilizing factor, and regional differences are emerging. Areas with strong public sector employment are proving more resilient, while manufacturing regions face deeper challenges.
United States | U.S. growth beats expectations | Demand and jobs stay strong | Inflation easing, rates normalize
After early concerns of a slowdown following a temporary GDP decline, the U.S. economy has outperformed expectations. Strong private domestic demand supported an estimated 3.4% annualized GDP growth in Q2, while the labour market remains solid in the full employment range. Inflation continues to ease, and long-term interest rates have returned to historical norms.
International |Â Tariffs drive volatility | Copper up, iron down | Energy, lumber ease
Commodity markets are being shaped by tariffs, supply shifts, and uneven global demand. Copper and zinc prices are up on supply constraints, though copper may fall if new tariffs are enacted. Iron ore is down over 10 percent year-over-year, while energy and lumber prices have eased amid rising inventories and softer demand, highlighting ongoing volatility across the commodity landscape.
