Business Outlook Survey—Third Quarter of 2021 https://www.bankofcanada.ca/?p=223172 BOS Indicator The BOS indicator is re-estimated every quarter with the release of the Business Outlook Survey. As such, even though responses to BOS questions are never revised, the entire time series of the indicator is revised after every release. Significant difficulty (% of firms) Ability to Meet Demand - How would you rate the current ability of your firm to meet an unexpected increase in demand? Some difficulty (% of firms) Ability to Meet Demand - How would you rate the current ability of your firm to meet an unexpected increase in demand? 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 Yes (% of firms) Labour Shortages - Does your firm face any shortages of labour that restrict your ability to meet demand? Balance of Opinion Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… Less intense Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… More intense Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… 2021Q3 2021Q2 Balance of Opinion Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Deteriorated (%) Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Improved (%) Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Balance of Opinion Future Sales Growth - Over the next 12 months, the rate of increase in your firm’s sales volume (compared with the past 12 months) is expected to be… Greater (%) Future Sales Growth - Over the next 12 months, the rate of increase in your firm’s sales volume (compared with the past 12 months) is expected to be… Less (%) Future Sales Growth - Over the next 12 months, the rate of increase in your firm’s sales volume (compared with the past 12 months) is expected to be… Domestic sales Export sales* Balance of Opinion Investment in Machinery and Equipment - Over the next 12 months, your firm’s investment spending on M&E (compared with the past 12 months) is expected to be… Higher (%) Investment in Machinery and Equipment - Over the next 12 months, your firm’s investment spending on M&E (compared with the past 12 months) is expected to be… Lower (%) Investment in Machinery and Equipment - Over the next 12 months, your firm’s investment spending on M&E (compared with the past 12 months) is expected to be… Balance of Opinion Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be… Higher (%) Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be… Lower (%) Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be… Balance of opinion * Wage Growth - Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same rate as over the past 12 months? Higher Wage Growth - Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same rate as over the past 12 months? Lower Wage Growth - Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same rate as over the past 12 months? Increase slightly (left scale) Increase significantly (left scale) Balance of Opinion Input Price Inflation - Over the next 12 months, are prices of products/services purchased expected to increase at a greater, lesser, or the same rate as over the past year? Increase slightly (left scale) Increase significantly (left scale) Balance of Opinion Output Price Inflation - Over the next 12 months, are prices of products/services sold expected to increase at a greater, lesser, or the same rate as over the past year? Below 1 per cent (% of firms) Inflation Expectations - Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? 1 to 2 per cent (% of firms) Inflation Expectations - Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? 2 to 3 per cent (% of firms) Inflation Expectations - Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? Above 3 per cent (% of firms) Inflation Expectations - Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? No response (% of firms) Inflation Expectations - Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? 4924253437-338201831-14-9132513 43301434161949143568231026327 4135629272381523381136-3725327 581643502228501238389446226348 51213138271146133341134391535394 2935-6292285215365266627550533 362974519264712354313568637448 36342422616441727358596645483 4142-1372413431331371251-10-5324310 343053337-334171735048-5-170256286153115 3137-63036-63120111943522166-30-51345528112817 3639-32338-1528271341351742-25-33-275593123-211637 5727292432-744182626431729-22-8-11262332192617 49193134201448113839439221928142286045162813 443311421923471631356381820-217121326151193010 452817402615401822334402221113-2027639192213 47272032292471334356361424-96-11155726123318 4329142528-3331518347311115-3-11-7039555122220 4826223028243103329634281415-173043524552234161913 -0.60 542232312011411427326301284-4-19140543581245292213 -0.77 462818342774514312743621138-11-4045475522131324296 -0.89 462124421923471532388372481620-40215517561740629367 0.81 48262241231744113333104443637-110033549542034419289 0.88 4234845232250123838736341025-23-150295612551540318279 0.29 4424203922175011392711332532218033604579483142410 1.08 45252044232146143235936407330-21186875724336112413 0.74 392514391920599503610504654128110106027481632331354 2.57 41251643241958950351549546481730146119591544634439 2.60 363335116355084333124459357-352156318541539228379 1.94 4226164518274493534143469366770156122511933227369 1.44 3431335201551114132153757255-6-80156320551639235416 1.14 34277402020501040361435401030-11-212660114920292253510 0.84 41271448192951645321841511338-11-312860104523221143117 1.65 4028124019214612344114333811270-91146914472225242117 0.81 35323322574583742124136729-3-40166812481929562520 0.07 3838033258421230421841351322-62030561233303262620 -0.20 3638-22826245123329153030131827110285217382711342724 -0.57 373344016244411334094033171638200135036373252133017 0.81 3734339182040122836113627225-15-5118483243349142319 -1.39 2357-341748-312028-829720754-47-48-2330432231857-382-471158 -8.11 3053-222741-142526-129113562-57-34-3541371541568-534-52658 -7.71 6123392739-1239172225317267-65-15-1011493542748-212-411353 -5.04 69165334313421527175161059-4810364934113645-90-71926 -3.19 7121504225175414412637857-492010961207512724362822 -1.51 642044432122501238264121335-222928054406551936033229 -0.40 532925382612501040354121735-1834282504536717500223513 0.72 542629461036391425269202233-1020297533256619483152711 1.11 51292244152949841353161824-632232474435422324163316 1.17 50381346222450133738514251213391422158156415484264418 1.28 4929204818305745347525341420351311862185918421294314 2.73 39336411922521438358252614123-9041477492326572316 0.23 3741-4401921549453610293414205-73415144621241203515 0.40 582335462224551243327273110217-1028635677604142713 1.54 473215431924596533882935171833044532562134119278 1.15 353503729844182644333311417512252431462620272316 -0.23 442816432320421428286252911183-3054422472424232118 -0.70 502624392712451332334222024-46-70613234426184-11819 -1.51 423393526944935404201717028564280452322341713 -0.66 5222313427743133048531221488121702715023281122513 0.03 5122294223195311423452620146199168291452025117247 0.21 5024274625215384639623221663714363304521933092314 1.41 5026244117244315283042220191-863643025819391112211 -0.14 5620353818205410443561832131998059372601644211198 0.97 4335837298431231337221820-2-3-5268242452520421513 -1.10 4036436324402020385211529-14-156602934131102-61723 -1.45 40328362973913263710191733-16-26-13368261492227211817 -1.62 463016402614411328253171529-147107632454629171-32225 -1.72 4731162629-3311912306181135-24-17-171070182453780-41721 -3.38 4832163930943172633620634-28100760246463115317341744.6328.1043.3325.00 -1.97 4338538299432221305191332-19-5-3467254413740-5141950.8821.0536.8417.54 -2.33 423012422418471631353242131-9-2-10476191462521014271347.8317.3941.679.26 -1.23 482226411724511537316282327-42324566235542332121311055.0825.4246.9622.61 0.60 5231214611355214382910191817110-3364302611546113251248.3330.0042.3416.22 0.40 50193148192966858388254093114142702416785932227550.8618.9742.2420.69 2.53 42231941241748143438925413380045538265857120311148.6721.2447.3217.86 0.75 39318481929501140441230461135262056380511834625391463.4824.3551.8216.36 1.90 4327164421245494535122643835226241533551541125371248.7830.8946.1523.93 1.48 3731639221756551401734426363012032587621449318341651.2431.4046.1523.93 2.74 41261551193351133948837555502612236566551440018341655.0828.8147.0123.93 2.51 3637-146212551104140173751843710035548492227323371452.0734.7148.7024.35 1.62 403463919204914352110193418162-6364273392514315301549.5724.3544.9514.68 -1.05 44212336162049133634826321913-6726428441182327282161.4711.0148.6214.68 -0.06 492524471928431231381334341222-75264321392216113281550.4419.4743.8621.05 0.51 43321135241153114343103139142513-4259305511734411211044.5426.8944.0411.01 0.69 492722382612421428388283315186-6453382412516310261643.3619.4746.237.55 -0.56 2863-352555-30411923252131051-41-4-2025372411573-5813-35134838.0517.7026.8916.81 -6.79 632439363423913263410252342-1990124428113153-226-21204139.5028.5734.1725.00 -2.10 6819494822265411434314332832-424157602184140140292936.5932.5233.0423.21 1.21 681652592040516453214222829-146452354213621942920371635.5650.3740.0036.80 2.75 6619475216366836541202347173020260851358108164349637.8042.5237.7036.07 3.96 44359601346714673926367176488010424570145645058837.8848.4836.0036.80 4.73 3440 3112 1722 16 1315 1310 107 2 1014142037273746 6350255355536181 17171018881215 -20-10 -6-4 -6-11 -8-6 -12-16 -7-11 -10-4 -24-20