Encouraging News in the October 2020 Andersen Report

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The economic recovery may have hit pause when the 2nd wave hit, but overall, most sectors in North America are rebounding well and there is little risk of another recession.

According to the Andersen Monthly Economic Report published at the end of October, Canada and the USA are both doing relatively well. Although the economy is not where it was before the global pandemic started, the rebound in several sectors has been strong. In particular, retail has made a full recovery, with spending at higher than pre-February levels and vehicle sales in the US soaring. The housing sector is doing well too, particularly in Canada, with an increase in new home buyers as well as building permits for new home construction and remodeling. [1]

The report emphasizes that continued strengthening of the economy can co-exist with a second wave. There is no expectation for another recession, mainly because people have adapted to the circumstances, and are optimistic about the future with the impending availability of vaccines.

[1] The Andersen Monthly Economic Report – Volume 12, Number 10, October 30th, 2020, by Dr. Peter Andersen