On Monday, the Bank of Canada released its Canadian Survey of Consumer Expectations as well as its Business Outlook Survey. Both are for the first quarter of 2023.
The surveys show that many Canadians are concerned about how high levels of government spending will impact inflation.
Consumers are optimistic that costs will come down eventually but are reducing their discretionary spending for the time being. The survey found that low unemployment was giving confidence to workers, though there was some concern about the quality of jobs related to the quantity available.
Businesses are planning for sales to grow at a slower pace than the exceptional growth many experienced in the past year. As supply chains continue to normalize, businesses said they expect the prices of their services and products to stabilize.
The Chamber is thrilled to welcome the Bank of Canada's Deputy Governor to Victoria on June 8 to deliver the bank's next Economic Progress Report. See below for more information.