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 2024 PREVIEW:

Canada | Job Vacancies Plateaued | Supply Chain Challenges Remain | Surge in Consumer Spending

Job vacancies leveled off with two unemployed people per vacancy, with the retail sector facing declines due to shifts towards remote work and less need in urban retail spaces, hitting the lowest level since 2019. Meanwhile, employment growth is concentrated in public administration, health care, and specialized construction areas. Despite supply chain issues, construction prospects look up. Canada’s economic growth is primarily driven by a 5.4% increase in consumer spending, supported by robust energy exports.

United States | Strong Job Market | Increased Consumer Spending | Labour Productivity Experienced Notable Rise

Strong employment growth at the year’s start injected unexpected momentum into the economy, leading to increased income, spending, and job opportunities. Low jobless claims and a 3.7% unemployment rate signal a robust job market, reminiscent of pre-pandemic levels not seen since 1969, while U.S. labor productivity surged with a 3.2% annualized rate in the 4th quarter.

Global | Economic Slowdown Affecting Commodities | Industrial Nations Facing GDP Decline | U.S. Economy Outshines Counterparts

The global economic slowdown is affecting internationally traded commodities amid uncertainties, particularly China’s property debt issues. Industrial powerhouses like the U.K., Japan, and Germany are facing economic challenges, with Germany seeing a real GDP decline in the 4th quarter. Contrastingly, the U.S. economy is outperforming its peers, influencing currency values and commodity prices. This includes a record low for natural gas and rising crude oil prices due to worries about global shipments and production levels.

Excited to dive into the full March 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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