Business Outlook Survey—First Quarter of 2022 https://www.bankofcanada.ca/?p=225922 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… 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… 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… Balance of Opinion Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be… 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? 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? Yes (% of firms) Labour Shortages - Does your firm face any shortages of labour that restrict your ability to meet demand? More intense 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… Balance of Opinion Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… 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 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 (%) 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? 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? Improved (%) 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.)… Balance of Opinion Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… 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? Will decrease Will increase Net BOS indicator* Contributions to BOS indicator from all other indicators Contributions to BOS indicator from capacity indicators 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? Average expected wage increase 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? 2021Q2 2021Q3 2021Q4 2022Q1 Average† 2021Q4 2022Q1 492425-318311630-142230-9132513 43301419356836132327181026327 413562233811362225-32922725327 581643283838944241862422226348 51213111334113432617929141535394 2935-6836526664114272622550533 362972635431356282082822637448 36342162735859262062721645483 4142-113313712512030-102429-5324310 34305-317350482328-52340-170256286153115 3137-6-6111943522166939-302530-51345528112817 3639-3-151341351742-251245-331541-275593123-211637 572729-72626431729-222129-82334-11262332192617 49193114383943922192251783420142286045162813 4433112331356381820-23012173219121326151193010 452817152233440222113320132830-2027639192213 472720234356361424-9312562526-11155726123318 432914-318347311115-32335-112633-7039555122220 482622233296342814151734-1726233043524552234161913-0.74-0.53-0.20 54223211273263012841923-41635-19140543581245292213-0.96-0.64-0.32 46281873127436211382232-112933-4045475522131324296-1.03-0.60-0.43 462124233238837248164322202933-402155175617406293670.640.310.34 4826221733331044436373233-13222100335495420344192890.750.180.57 423482238387363410251740-232136-1502956125515403182790.20-0.070.28 44242017392711332532226251312380336045794831424100.840.90-0.05 45252021323593640733282802326-211868757243361124130.570.250.32 39251420503610504654143152834231101060274816323313542.351.420.93 4125161950351549546483417172926301461195915446344392.421.211.21 363333543331244593572629-33126521563185415392283791.840.940.89 422616273534143469366312472720701561225119332273691.250.560.69 343131541321537572552531-62331-801563205516392354161.000.050.96 3427720403614354010302435-112931-2126601149202922535100.730.020.71 41271429453218415113381930-112932-3128601045232211431171.450.470.98 4028122134411433381127202002332-911469144722252421170.68-0.120.80 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