- July 5, 2021
- Posted by: Stratford Team
- Category: Business
OTTAWA, July 5 (Reuters) – Business sentiment in Canada continues to improve with hard-hit firms becoming more confident that sales will pick up as vaccines roll out, suggesting a broadening of the economic recovery ahead, a Bank of Canada survey showed on Monday.
The central bank’s Business Outlook Survey Indicator reached its highest level on record in the summer survey, in part due to base-year effects, but also as positive sentiment became more widespread.
“All but a few firms feel the uncertainty related to the pandemic is behind them,” the central bank said.
Most businesses reported an improvement in their sales prospects from a year-ago, and no firms reported signs of deterioration in demand. Still, about 40% of firms have current sales below pre-pandemic levels.
The outlook for foreign sales, particularly to the United States, is robust. Most businesses across all regions and sectors plan to hire, suggesting the labor market recovery will…
