December 4, 2022

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Bank of Canada business outlook survey hits highest level on record

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BOC business Outlook survey for Q2 2021

The Bank of Canada business outlook survey for Q2 it’s it’s highs level on record:

  • Business Outlook survey (BOS) shows continued improvement in business sentiment
  • BOS indicator hits its highest level on record at 4.17 versus 2.95 in Q1
  • Firms tied to high contact services are becoming more confident that sales will pick up as vaccination rates rise, suggesting an important broadening in recovery ahead
  • Most firms report an improvement in their sales prospects year ago
  • Indicators of capacity pressures and labor shortage intensity have increased
  • Plans to invest in higher staff are widespread as firms pair to meet unexpected sales increases, suggests broadening of labor market recovery
  • The number of firms with improved indicators of future sales is at a record high signaling broad-based strengthening of demand versus a year ago
  • Balance of opinion on future sales growth tips to 47 in Q2 from 52 in Q1
  • Business expect wages, input prices and output prices to grow at a faster pace than year ago
  • Inflation expectations increase but most drivers of inflationary pressures are viewed as temporary
  • A separate BOC Q2 survey of consumer expectations says expectations for one year head inflation have increased, but consumers expect this increase to be temporary

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