By Canadian Press

Business gloom deepens as sales moderate, Bank of Canada survey finds

Oct 16, 2023 | 7:47 AM

OTTAWA — The Bank of Canada says its business outlook survey indicator fell in the third quarter as companies expect sales growth to slow over the coming year.

The bank’s business outlook survey report says the indicator was at its lowest level in over a decade, except for a brief period early in the COVID-19 pandemic.

The report found the negative effects of rising interest rates are spreading with more businesses thinking higher rates will constrain sales and investment plans.

The survey also suggested that inflation expectations among businesses edged down but remained higher than before the pandemic.

Meanwhile, the bank’s Canadian survey of consumer expectations suggested consumers’ expectations of inflation remain elevated with the gap between perceptions and actual inflation unusually wide.

mixed bag

Snowy start to February made for a chilly month in Nanaimo

2h ago

confirmed

US: threatened economy-wide tariffs will hit Canada, Mexico on Tuesday

4h ago

new neighbourhood

Development proposed for forested area off north Nanaimo's Lost Lake Road

7h ago

It says the rising cost of living remains the most pressing concern for consumers.

This report by The Canadian Press was first published Oct. 16, 2023.

The Canadian Press