TEC Canada is pleased to provide the Andersen Monthly Economic Report exclusively to our members. 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.

Looking for an audio summary? TEC Chair Paul Martin highlights Dr. Andersen’s primary findings, including what key indicators the esteemed economist is watching closely.

Canada:

• The food price shock is the largest since 1981. In addition, gasoline, diesel fuel and natural gas prices are trending higher. As a result, higher prices for consumer basics will progressively drain household spending power.
• Existing home sales declined sharply in April, expect to see more resale weakness in months ahead.

U.S.:

• Inflation is more likely to pick up than to slow down and is so widespread throughout the economy that it will have spinoff effects that will compound the problem. War, infrastructure damage, sanctions and counter-sanctions are likely to keep the pressure on inflation.
• The large April drop in new home sales is a reason to be on recession watch – housing is a business cycle leader.

International:

• Elevated natural gas prices in Europe put price pressure on a wide range of industrial goods. Higher energy and fertilizer costs are pushing up food commodity prices. This price pressure will in turn be passed on to many other goods and services.

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