Business Outlook Survey—Fourth Quarter of 2021 https://www.bankofcanada.ca/?p=224589 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… Firms with supply chain bottlenecks Firms with labour bottlenecks 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* 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? 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? 2021Q3 2021Q4 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 at a greater rate (%) 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 at a lesser rate (%) 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? 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? Increase at a greater rate (%) 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? Increase at a lesser rate (%) 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? 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? 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? 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? 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? BOS indicator* Contributions to BOS indicator from all other indicators Contributions to BOS indicator from capacity indicators 4924253437-3382018311630-142230-9132513 4330143416194914356836132327181026327 41356292723815233811362225-32922725327 58164350222850123838944241862422226348 5121313827114613334113432617929141535394 2935-629228521536526664114272622550533 36297451926471235431356282082822637448 3634242261644172735859262062721645483 4142-13724134313313712512030-102429-5324310 343053337-3341717350482328-52340-170256286153115 3137-63036-63120111943522166939-302530-51345528112817 3639-32338-1528271341351742-251245-331541-275593123-211637 5727292432-744182626431729-222129-82334-11262332192617 4919313420144811383943922192251783420142286045162813 443311421923471631356381820-23012173219121326151193010 45281740261540182233440222113320132830-2027639192213 47272032292471334356361424-9312562526-11155726123318 4329142528-3331518347311115-32335-112633-7039555122220 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342774020205010403614354010302435-112931-2126601149202922535100.750.040.79 412714481929516453218415113381930-112932-3128601045232211431171.030.521.55 402812401921461234411433381127202002332-911469144722252421170.84-0.080.76 353233225745837421241367292325-32528-401668124819295625201.00-0.880.12 38380332584212304218413513222632-6282620305612333032626201.21-1.33-0.12 3638-22826245123329153030131843162735241102852173827113427240.25-0.83-0.58 373344016244411334094033171651133842222001350363732521330170.580.190.77 37343391820401228361136272252439-153035-51184832433491423190.29-1.62-1.33 2357-341748-312028-829720754-471766-483054-2330432231857-382-471158-1.22-6.56-7.78 3053-222741-142526-129113562-572457-342559-3541371541568-534-52658-1.83-5.65-7.48 6123392739-1239172225317267-653045-152939-1011493542748-212-411353-1.85-3.24-5.09 69165334313421527175161059-483727103734364934113645-90-71926-1.93-1.44-3.37 7121504225175414412637857-49422220382810961207512724362822-1.920.15-1.77 642044432122501238264121335-22461729451728054406551936033229-1.380.73-0.65815 532925382612501040354121735-184814344719282504536717500223513-0.991.540.54918 542629461036391425269202233-104323204516297533256619483152711-0.781.710.931118 51292244152949841353161824-64311323815232474435422324163316-0.791.791.001319 5038134622245013373851425121355153946321422158156415484264418-0.371.511.141127 4929204818305745347525341420501535362313118621859184212943140.302.242.541831 3933641192252143835825261412272432434-9041477492326572316-0.080.240.161525 3741-440192154945361029341420282353037-734151446212412035150.270.110.37430 58233546222455124332727311021231673132-1028635677604142713-0.071.441.36825 473215431924596533882935171824213262330445325621341192780.220.841.061132 353503729844182644333311417282353422122524314626202723160.28-0.50-0.231330 44281643232042142828625291118242132225-3054422472424232118-0.37-0.42-0.78321 502624392712451332334222024-4262062330-70613234426184-11819-0.64-0.95-1.59717 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