Business Outlook Survey—Second Quarter of 2022 https://www.bankofcanada.ca/?p=227390 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… 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.)… BOS indicator* Contributions to BOS indicator from all other indicators Contributions to BOS indicator from capacity indicators Firms with supply chain bottlenecks Firms with labour bottlenecks 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 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? 2021Q3 2021Q4 2022Q1 2022Q2 Input prices increase significantly Output prices increase significantly BLP, 1-year-ahead BLP, 2-year-ahead BLP, 5-year-ahead BOS, 2-year estimate 2021Q4 2022Q1 2022Q2 Capital expenditures as a percentage of cash flow 492425-31831132513 43301419356826327 4135622338113625327 58164328383894426348 512131113341134335394 2935-68365266650533 36297263543135637448 3634216273585945483 4142-11331371251324310 34305-31735048153115 3137-6-6111943522166112817 3639-3-151341351742-25-211637 572729-72626431729-2292617 49193114383943922192162813 4433112331356381820-2193010 4528171522334402221192213 472720234356361424-923318 432914-318347311115-322220 4826222332963428141555223461913-0.81-0.58-0.23 542232112732630128458124592213-1.07-0.72-0.35 462818731274362113852213124296-1.11-0.65-0.46 46212423323883724816561740293670.560.240.31 482622173333104443637542034192890.700.140.56 42348223838736341025551540182790.14-0.100.25 442420173927113325322579481424100.740.82-0.07 452520213235936407335724331124130.480.180.30 392514205036105046541481632313542.251.330.93 412516195035154954648591544344392.361.161.20 36333354333124459357541539283791.820.940.88 422616273534143469366511933273691.190.520.67 34313154132153757255551639354160.960.020.94 3427720403614354010304920292535100.700.010.69 41271429453218415113384523221431171.390.410.97 4028122134411433381127472225421170.62-0.160.78 3532373742124136729481929625200.22-0.740.96 3838083042184135132233303626200.02-1.151.17 3638-223329153030131838271142724-0.50-0.680.183.6 37334243340940331716373251330170.780.240.554.0 373432028361136272254334942319-1.20-1.440.243.7 2357-34-31-829720754-471857-38-471158-7.24-5.93-1.302.2 3053-22-14-129113562-571568-53-52658-7.11-5.19-1.921.5 612339-122225317267-652748-21-411353-5.24-3.30-1.941.6 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2954-263766582142715666811576173124.852.372.48436347365.33.42.64.85.8 2217211927 710231723 26434659 37545961 45545152 10202620 7162217 20.019.825.7 10.07.92.0 32.028.718.8 26.029.731.7 5.06.97.9 3.03.07.9 4.04.05.9