But the business decision-making data and analytics company does not expect the US economy to tip into recession.

Restrictive monetary policy continues to hold back the private sector in the country and consumer spending is likely to provide less support as wage growth softens and the labour market cools.

Easing inflation and lower rates will likely provide support to economic growth.

Though its result may have some of the most significant implications for global industry and economic growth, the US presidential election in early-November, is too close to call.

The gap between the economic performances of the United States and Canada is expected to begin narrowing over the remainder of this year and into 2025, the outlook noted. This will probably be achieved through an improvement in Canada’s economic outlook, coupled with a mild pullback in US growth.

The Bank of Canada made its third consecutive interest rate cut in September and signaled that borrowing costs may be lowered further before the year is out—and at an accelerating pace should economic growth or the labour market disappoint.

Fibre2Fashion News Desk (DS)