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.

June 2024 PREVIEW:

Canada | Economy is Limping | Interest Rates Expected to Decrease | Rate Cuts May Lower CAD

Canada’s economy is limping, with an estimated GDP growth of between 1-2% in Q1 and noticeably higher unemployment than the US. Due to these economic weaknesses and governmental pressures, the Bank of Canada may consider decreasing interest rates sooner than the Federal Reserve – as early as this summer. This adjustment will lower the CAD but leave the pressing housing supply crisis unresolved.

United States | Tight Job Market | Economy Remains Strong | Inflation Stays Elevated

The US economy remains strong, fueled primarily by a tight job market, high consumer spending, and elevated industrial activity. Supply chain reshoring, manufacturing and construction gains, a strong job market, defense spending, and consumer wealth are all sources of economic strength, but are keeping inflation elevated around 3.3% with rate decreases unlikely in the near term.

Global | Cheaper Global Supply Chains Are Coming to an End | Inflation is High | Lower Energy Prices Provide Relief

The global economy’s target of 2.0% inflation may be unrealistic. The era of cheap global supply chains is ending, with lower risk and proximity becoming the preference. Supply chain reshoring combined with elevated food prices and escalating wage inflation will keep global inflation high. Important energy prices are down, which may offer a reprieve internationally.

Excited to dive into the full June 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!
While the Andersen Economic Report is an exclusive TEC member resource, we have compiled insights from several global leaders on our website. If you would like to receive similar information more regularly, sign up for our newsletter here: 

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