Bank of Canada Shows Firms Optimistic About the Next Year
Canadian firms remain surprisingly optimistic about the next year - with positive expectations for sales, investment and hiring despite concern about the global economy, the Bank of Canada's new survey of business intentions suggests.
The much-watched quarterly survey, released Monday, reveals a Canadian business sector that is wary about the renewed uncertainty and risks over the global outlook, but mostly confident they will be able to cope.
The most encouraging reading is on hiring intentions, with 59 per cent of firms saying they plan to hire additional workers in the next 12 months, as opposed to only six per cent that plan to cut jobs.
The survey was conducted between May 22 and June 14, following months of headlines about the European Union's inability to devise a long-lasting solution to the region's debt crisis.
The overall findings went against the grain of most business and consumer confidence samplings in the past two months, that have generally detected a darkening sentiment.