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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

15 April 2019

Business executives are losing their optimism

The latest poll by the Bank of Canada shows that economic slowdown and global trade uncertainties started affecting businesses confidence.

The survey of executives, made during the period from February to March, shows lower expectations for sales and significant decrease from several companies facing labour shortages. The BoC’s composite gauge of sentiment switched its direction to negative and fell to the lowest mark since 2016.

The main issue concerns an uncertain situation with the Western Canadian energy sector.

Weaker forecasts prove that a combination of difficulties (from global trade wars to last year’s oil prices decline and passive real estate market) is already affecting the entire national economy.

Such results will reinforce predictions that the Bank will keep the rates unchanged for some time.

It’s important to note that the BoC’s Governor Stephen Poloz pays special attention to this poll and considers it a significant supplement to harder economic data. The survey brings light to numerous important topics: from investment intentions to the economic performance and inflation forecasts. And this report was almost fully negative.

More businesses saw sales growth slowdown during the previous 12 months, and future sales are also expected to be weak.

Meanwhile, investment and employment intentions are still strong, although the numbers still softened. According to the report, 39% of respondents plan to raise spending on machinery and equipment – it’s within the historical average limits, but still lower than over the recent months. About half of the executives surveyed will increase employment levels in the next 12 months.

The poll says respondents also expect moderate growth in the U.S. The number of those who predict slow growth was up from 42% to 70%.



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