January 24, 2024
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January 15, 2024
Results from the Business Outlook Survey and the Business Leaders’ Pulse show that with high interest rates and soft demand, firms’ sales growth has slowed over the past 12 months. Firms are less optimistic about current business conditions than they were last quarter, but they expect their sales growth to stabilize in the coming year. With competition returning and demand remaining soft, businesses’ pricing behaviour is slowly returning to normal.
Business Outlook Survey—Fourth Quarter of 2023
Content Type(s):
Publications,
Business Outlook Survey
January 15, 2024
Consumers believe inflation has fallen, but their expectations for inflation in the near term are showing little progress in returning to pre-pandemic levels. Slow progress may be due to persistently high inflation expectations for services such as rent. In addition, consumers increasingly think domestic factors, such as high government spending, are supporting high inflation, and they believe these factors will take longer to resolve than global factors. Consumers have adjusted their behaviour in response to prolonged high inflation—more people are paying attention to inflation and changing their spending habits. However, actions that may support inflation, such as seeking wage increases to offset it, are dissipating. The negative effects of high interest rates are broadening, and indicators of household financial stress are deteriorating. Consumers remain uncertain about the economic outlook, and this uncertainty is weighing on their spending plans. Workers think the labour market has weakened slightly. However, expectations for wage growth remain high, supported by cost-of-living adjustments in some workers’ wage contracts.
Canadian Survey of Consumer Expectations—Fourth Quarter of 2023
Content Type(s):
Publications,
Canadian Survey of Consumer Expectations
December 20, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on December 6, 2023.
Summary of Governing Council deliberations: Fixed announcement date of December 6, 2023
Content Type(s):
Publications,
Summary of deliberations
December 15, 2023
Lessons learned and looking ahead
In his year-end remarks, Governor Tiff Macklem discusses how lessons learned from recent economic volatility are reshaping the way the Bank of Canada conducts economic analysis and communicates with the public.
Content Type(s):
Press,
Speeches and appearances,
Speech summaries
Topic(s):
Economic models,
Expectations,
Inflation and prices,
Inflation: costs and benefits,
Interest rates,
Labour markets,
Monetary policy,
Monetary policy and uncertainty,
Monetary policy communications,
Monetary policy transmission,
Price stability