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Bank of Canada Q2 Business Outlook Survey shows the direct impacts tariffs are having on firms’ outlooks are less severe than in Q1
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Q2 Business Survey Indicator -2.42 from -2.12 in Q1 (revised from -2.14)
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Firms less worried by worst-case tariff scenarios
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Tariffs and related uncertainty continue to have major impacts on businesses’ outlooks
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Most firms expect to maintain current staffing levels and limit investment to regular maintenance over the next 12 months
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Fewer export-focused firms expect the worst-case tariff-related scenarios that they envisioned in Q1
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23% of firms expect inflation to be above 3% for the next 2 years, unchanged from Q1
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43% of firms expect lower labor costs over next 12 months, 9% see higher labor costs
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Consumer survey shows expectations for 5-year inflation have risen to 3.45% from 3.39% in Q1
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24% of firms reported outright decline in sales over previous 12 months, down from 28% in Q1
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28% of firms expect Canada to be in a recession over the next year, down from 32% in Q1
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Balance of opinion on indicators of future sales drops to -6 from +22 in Q1
This article was written by Greg Michalowski at investinglive.com.
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