Bosses across Canada readying for a recovery
by Maximillian on 16/07/09 at 12:10 pm
Canadian business sentiment has soared as bosses across the country prepare for a pick-up in economic activity, sales and employment amid better credit conditions, according to two Bank of Canada surveys released Monday.
The results of the central bank’s Summer Business Outlook Survey are a dramatic change in mood from the Winter and Spring reports, with 61% of businesses expecting sales to rise in the coming 12 months — the highest reading since records began in 1998.
The expected rise is a welcome change for recession-weary companies, but it is important to note any increases will be off the back of a record drop in sales and, therefore, the outlook does not indicate a return to full health. As Douglas Porter, an economist at BMO Capital Markets, puts it: “[Sales] had nowhere to go but up.”
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