Canadian consumers and businesses are slightly more optimistic about the future, Bank of Canada surveys show, though both groups are dealing with high interest rates and inflation.
But it also showed Canadians are expecting lower interest rates in the coming 12 months and “are less pessimistic about the future of the economy and their financial situation.”showed signs of returning optimism as well. Business owners believe Canada’s population growth will lead to more sales and they are also expecting interest rates to decline in the next year.
Canadians’ current sentiment remains weak because inflation and interest rates are high, but “…fewer think they will need to further cut or postpone spending,” the report said.Solar eclipse: State of emergency declared in Niagara Region “Firms hampered by reduced consumer spending over the past 12 months expect their sales growth to increase over the next 12 months,” it stated, based on the belief interest rates will drop.Owners reported that demand remained week, citing customers’ financial situations and the recent economic slowdown. But overall, they believed conditions “improved slightly” in the first quarter across nearly all regions, sectors and firm sizes, following nearly two years of deterioration.
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