Three common economic trends in Canada and the U.S. in 2025

Trade disruptions in 2025 took a toll on Canada-U.S. relations after decades of coordination and integration. Still, the two economies are more similar than many may appreciate.

In this season finale of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone round up three common themes shaping both economies this year. They include:

• Slowing population growth, and how it’s impacted a key labour market benchmark—breakeven employment rates.

• Resilient consumer spending holding up despite much trade uncertainty and deteriorating job market conditions.

• Big government deficits—an ongoing theme in the U.S. post-pandemic, but also emerging in Canada as well.