{ "terms": { "url": "https://www.bankofcanada.ca/terms/" }, "groupDetail": { "label": "Business Outlook Survey—Second Quarter of 2025", "description": "Tariffs and related uncertainty continue to weigh on firms, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. While overall sales outlooks remain weak, outlooks for exports have recovered somewhat, with worst-case trade scenarios appearing less likely. Firms remain cautious in their hiring and investment plans. Some businesses reported cost pressures from tariffs, but competition and weak demand are constraining price pass-through to customers. In this context, firms’ short-term inflation expectations are lower than they were last quarter.", "link": "https://www.bankofcanada.ca/?p=246806" }, "seriesDetail": { "BOS_2025Q2_C1_S1": { "label": "Expected to be higher", "description": "", "dimension": { "key": "k", "name": "Category" } }, "BOS_2025Q2_C1_S2": { "label": "Expected to be lower", "description": "", "dimension": { "key": "k", "name": "Category" } }, "BOS_2025Q2_C2_S1": { "label": "Balance of opinion (%)", "description": "", "dimension": { "key": "d", "name": "Date" } }, "FSI": { "label": "Balance of Opinion", "description": "Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)…", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C4_S1": { "label": "Export sales growth", "description": "", "dimension": { "key": "k", "name": "Category" } }, "BOS_2025Q2_C5_S1": { "label": "Some or significant difficulty meeting unexpected increase in demand (share of firms)", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C5_S2": { "label": "Historical average share of firms citing either some or significant difficulty", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C5_S3": { "label": "Labour shortages (share of firms)", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C5_S4": { "label": "Historical average share of firms facing labour shortages", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C6_S1": { "label": "Streamline production, reduce average costs, improve productivity", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C6_S2": { "label": "Increase output, expand operations", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C6_S3": { "label": "Replace or repair equipment", "description": "", "dimension": { "key": "d", "name": "Date" } }, "EMPLOYHIGHER": { "label": "Higher (%)", "description": "Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be…", "dimension": { "key": "d", "name": "Date" } }, "EMPLOYSAME": { "label": "Same (%)", "description": "Future Employement Level - Over the next 12 months, your firm’s level of employment is expected to be…", "dimension": { "key": "d", "name": "Date" } }, "EMPLOYLOWER": { "label": "Lower (%)", "description": "Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be…", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C8_S1": { "label": "BOS: Expected wage increase, change over the next 12 months (year-over-year percentage change)", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C8_S2": { "label": "BLP: Expected wage increase, change over the next 12 months (year-over-year percentage change)", "description": "", "dimension": { "key": "d", "name": "Date" } }, "INPUTS": { "label": "Balance of Opinion", "description": "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?", "dimension": { "key": "d", "name": "Date" } }, "OUTPUTS": { "label": "Balance of Opinion", "description": "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?", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C11_S1": { "label": "Data", "description": "", "dimension": { "key": "k", "name": "Category" } }, "BOS_2025Q2_C12_S1": { "label": "BLP, 1-year-ahead", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C12_S2": { "label": "BLP, 2-year-ahead", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C12_S3": { "label": "BLP, 5-year-ahead", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C12_S4": { "label": "BOS, over the next 2 years", "description": "", "dimension": { "key": "d", "name": "Date" } }, "BOS_2025Q2_C1A_S1": { "label": "Data", "description": "", "dimension": { "key": "k", "name": "Category" } }, "BOS_2025Q2_C1B_S1": { "label": "Data", "description": "", "dimension": { "key": "k", "name": "Category" } } }, "observations": [ { "k": "Input costs|2025Q1", "BOS_2025Q2_C1_S1": { "v": "65.7" }, "BOS_2025Q2_C1_S2": { "v": "-2.0" } }, { "k": "Input costs|2025Q2", "BOS_2025Q2_C1_S1": { "v": "35.6" }, "BOS_2025Q2_C1_S2": { "v": "0.0" } }, { "k": "Selling prices|2025Q1", "BOS_2025Q2_C1_S1": { "v": "44.2" }, "BOS_2025Q2_C1_S2": { "v": "-2.0" } }, { "k": "Selling prices|2025Q2", "BOS_2025Q2_C1_S1": { "v": "24.0" }, "BOS_2025Q2_C1_S2": { "v": "-5.0" } }, { "k": "Sales in Canada|2025Q1", "BOS_2025Q2_C1_S1": { "v": "4.0" }, "BOS_2025Q2_C1_S2": { "v": "-29.0" } }, { "k": "Sales in Canada|2025Q2", "BOS_2025Q2_C1_S1": { "v": "3.0" }, "BOS_2025Q2_C1_S2": { "v": "-30.3" } }, { "k": "Sales to the United States|2025Q1", "BOS_2025Q2_C1_S1": { "v": "5.1" }, "BOS_2025Q2_C1_S2": { "v": "-43.6" } }, { "k": "Sales to the United States|2025Q2", "BOS_2025Q2_C1_S1": { "v": "2.3" }, "BOS_2025Q2_C1_S2": { "v": "-13.6" } }, { "k": "Investment in Canada|2025Q1", "BOS_2025Q2_C1_S1": { "v": "0.0" }, "BOS_2025Q2_C1_S2": { "v": "-24.5" } }, { "k": "Investment in Canada|2025Q2", "BOS_2025Q2_C1_S1": { "v": "3.0" }, "BOS_2025Q2_C1_S2": { "v": "-12.9" } }, { "k": "Employment in Canada|2025Q1", "BOS_2025Q2_C1_S1": { "v": "0.0" }, "BOS_2025Q2_C1_S2": { "v": "-14.7" } }, { "k": "Employment in Canada|2025Q2", "BOS_2025Q2_C1_S1": { "v": "0.0" }, "BOS_2025Q2_C1_S2": { "v": "-5.0" } }, { "k": "Not uncertain or no change", "BOS_2025Q2_C1A_S1": { "v": "0.39" }, "BOS_2025Q2_C1B_S1": { "v": "52.50" } }, { "k": "Limiting spending or postponing major purchases", "BOS_2025Q2_C1A_S1": { "v": "0.36" } }, { "k": "Increasing savings", "BOS_2025Q2_C1A_S1": { "v": "0.05" } }, { "k": "Taking money out of savings", "BOS_2025Q2_C1A_S1": { "v": "0.04" } }, { "k": "Other changes", "BOS_2025Q2_C1A_S1": { "v": "0.03" }, "BOS_2025Q2_C1B_S1": { "v": "16.80" } }, { "k": "I don’t know", "BOS_2025Q2_C1A_S1": { "v": "0.13" } }, { "k": "Reducing investment plans", "BOS_2025Q2_C1B_S1": { "v": "19.80" } }, { "k": "Holding more cash or changing other financial decisions", "BOS_2025Q2_C1B_S1": { "v": "17.80" } }, { "k": "Reducing employment or hours", "BOS_2025Q2_C1B_S1": { "v": "6.90" } }, { "k": "I don\u0027t know", "BOS_2025Q2_C1B_S1": { "v": "1.00" } }, { "k": "November", "BOS_2025Q2_C4_S1": { "v": "6.0" } }, { "k": "December", "BOS_2025Q2_C4_S1": { "v": "12.0" } }, { "k": "January", "BOS_2025Q2_C4_S1": { "v": "24.0" } }, { "k": "February", "BOS_2025Q2_C4_S1": { "v": "-13.0" } }, { "k": "March", "BOS_2025Q2_C4_S1": { "v": "-30.0" } }, { "k": "April", "BOS_2025Q2_C4_S1": { "v": "9.0" } }, { "k": "May", "BOS_2025Q2_C4_S1": { "v": "9.0" } }, { "k": "June", "BOS_2025Q2_C4_S1": { "v": "21.0" } }, { "k": "Reducing margins", "BOS_2025Q2_C11_S1": { "v": "69" } }, { "k": "Finding efficiencies", "BOS_2025Q2_C11_S1": { "v": "52" } }, { "k": "Changing prices for Canadian customers", "BOS_2025Q2_C11_S1": { "v": "50" } }, { "k": "Changing prices for US customers*", "BOS_2025Q2_C11_S1": { "v": "50" } }, { "k": "Finding new non-US customers*", "BOS_2025Q2_C11_S1": { "v": "48" } }, { "k": "Changing suppliers", "BOS_2025Q2_C11_S1": { "v": "43" } }, { "d": "1999-01-01", "EMPLOYHIGHER": { "v": "38" }, "EMPLOYLOWER": { "v": "20" }, "INPUTS": { "v": "-14" }, "OUTPUTS": { "v": "-9" }, "EMPLOYSAME": { "v": "42" } }, { "d": "1999-04-01", "EMPLOYHIGHER": { "v": "49" }, "EMPLOYLOWER": { "v": "14" }, "INPUTS": { "v": "23" }, "OUTPUTS": { "v": "10" }, "EMPLOYSAME": { "v": "38" } }, { "d": "1999-07-01", "EMPLOYHIGHER": { "v": "38" }, "EMPLOYLOWER": { "v": "15" }, "INPUTS": { "v": "-3" }, "OUTPUTS": { "v": "7" }, "EMPLOYSAME": { "v": "46" } }, { "d": "1999-10-01", "EMPLOYHIGHER": { "v": "50" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "6" }, "OUTPUTS": { "v": "2" }, "EMPLOYSAME": { "v": "38" } }, { "d": "2000-01-01", "EMPLOYHIGHER": { "v": "46" }, "EMPLOYLOWER": { "v": "13" }, "INPUTS": { "v": "9" }, "OUTPUTS": { "v": "15" }, "EMPLOYSAME": { "v": "42" } }, { "d": "2000-04-01", "EMPLOYHIGHER": { "v": "52" }, "EMPLOYLOWER": { "v": "15" }, "INPUTS": { "v": "27" }, "OUTPUTS": { "v": "5" }, "EMPLOYSAME": { "v": "33" } }, { "d": "2000-07-01", "EMPLOYHIGHER": { "v": "47" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "8" }, "OUTPUTS": { "v": "6" }, "EMPLOYSAME": { "v": "41" } }, { "d": "2000-10-01", "EMPLOYHIGHER": { "v": "44" }, "EMPLOYLOWER": { "v": "17" }, "INPUTS": { "v": "6" }, "OUTPUTS": { "v": "6" }, "EMPLOYSAME": { "v": "39" } }, { "d": "2001-01-01", "EMPLOYHIGHER": { "v": "43" }, "EMPLOYLOWER": { "v": "13" }, "INPUTS": { "v": "-10" }, "OUTPUTS": { "v": "-5" }, "EMPLOYSAME": { "v": "44" } }, { "d": "2001-04-01", "EMPLOYHIGHER": { "v": "34" }, "EMPLOYLOWER": { "v": "17" }, "INPUTS": { "v": "-5" }, "OUTPUTS": { "v": "-17" }, "EMPLOYSAME": { "v": "49" } }, { "d": "2001-07-01", "EMPLOYHIGHER": { "v": "31" }, "EMPLOYLOWER": { "v": "20" }, "INPUTS": { "v": "-30" }, "OUTPUTS": { "v": "-5" }, "EMPLOYSAME": { "v": "48" } }, { "d": "2001-10-01", "EMPLOYHIGHER": { "v": "28" }, "EMPLOYLOWER": { "v": "27" }, "INPUTS": { "v": "-33" }, "OUTPUTS": { "v": "-27" }, "EMPLOYSAME": { "v": "46" } }, { "d": "2002-01-01", "EMPLOYHIGHER": { "v": "44" }, "EMPLOYLOWER": { "v": "18" }, "INPUTS": { "v": "-8" }, "OUTPUTS": { "v": "-11" }, "EMPLOYSAME": { "v": "37" } }, { "d": "2002-04-01", "EMPLOYHIGHER": { "v": "48" }, "EMPLOYLOWER": { "v": "11" }, "INPUTS": { "v": "8" }, "OUTPUTS": { "v": "14" }, "EMPLOYSAME": { "v": "41" } }, { "d": "2002-07-01", "EMPLOYHIGHER": { "v": "47" }, "EMPLOYLOWER": { "v": "16" }, "INPUTS": { "v": "17" }, "OUTPUTS": { "v": "12" }, "EMPLOYSAME": { "v": "37" } }, { "d": "2002-10-01", "EMPLOYHIGHER": { "v": "40" }, "EMPLOYLOWER": { "v": "18" }, "INPUTS": { "v": "13" }, "OUTPUTS": { "v": "-2" }, "EMPLOYSAME": { "v": "42" } }, { "d": "2003-01-01", "EMPLOYHIGHER": { "v": "47" }, "EMPLOYLOWER": { "v": "13" }, "INPUTS": { "v": "6" }, "OUTPUTS": { "v": "-1" }, "EMPLOYSAME": { "v": "40" } }, { "d": "2003-04-01", "EMPLOYHIGHER": { "v": "33" }, "EMPLOYLOWER": { "v": "15" }, "INPUTS": { "v": "-11" }, "OUTPUTS": { "v": "-7" }, "EMPLOYSAME": { "v": "52" } }, { "d": "2003-07-01", "EMPLOYHIGHER": { "v": "43" }, "EMPLOYLOWER": { "v": "10" }, "INPUTS": { "v": "-17" }, "OUTPUTS": { "v": "3" }, "FSI": { "v": "34" }, "EMPLOYSAME": { "v": "48" } }, { "d": "2003-10-01", "EMPLOYHIGHER": { "v": "41" }, "EMPLOYLOWER": { "v": "14" }, "INPUTS": { "v": "-4" }, "OUTPUTS": { "v": "-19" }, "FSI": { "v": "45" }, "EMPLOYSAME": { "v": "45" } }, { "d": "2004-01-01", "EMPLOYHIGHER": { "v": "45" }, "EMPLOYLOWER": { "v": "14" }, "INPUTS": { "v": "-11" }, "OUTPUTS": { "v": "-4" }, "FSI": { "v": "31" }, "EMPLOYSAME": { "v": "41" } }, { "d": "2004-04-01", "EMPLOYHIGHER": { "v": "47" }, "EMPLOYLOWER": { "v": "15" }, "INPUTS": { "v": "20" }, "OUTPUTS": { "v": "-4" }, "FSI": { "v": "40" }, "EMPLOYSAME": { "v": "39" } }, { "d": "2004-07-01", "EMPLOYHIGHER": { "v": "44" }, "EMPLOYLOWER": { "v": "11" }, "INPUTS": { "v": "-1" }, "OUTPUTS": { "v": "10" }, "FSI": { "v": "34" }, "EMPLOYSAME": { "v": "46" } }, { "d": "2004-10-01", "EMPLOYHIGHER": { "v": "50" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "-23" }, "OUTPUTS": { "v": "-15" }, "FSI": { "v": "40" }, "EMPLOYSAME": { "v": "39" } }, { "d": "2005-01-01", "EMPLOYHIGHER": { "v": "50" }, "EMPLOYLOWER": { "v": "11" }, "INPUTS": { "v": "1" }, "OUTPUTS": { "v": "8" }, "FSI": { "v": "48" }, "EMPLOYSAME": { "v": "39" } }, { "d": "2005-04-01", "EMPLOYHIGHER": { "v": "46" }, "EMPLOYLOWER": { "v": "14" }, "INPUTS": { "v": "0" }, "OUTPUTS": { "v": "-2" }, "FSI": { "v": "33" }, "EMPLOYSAME": { "v": "40" } }, { "d": "2005-07-01", "EMPLOYHIGHER": { "v": "59" }, "EMPLOYLOWER": { "v": "9" }, "INPUTS": { "v": "28" }, "OUTPUTS": { "v": "11" }, "FSI": { "v": "32" }, "EMPLOYSAME": { "v": "32" } }, { "d": "2005-10-01", "EMPLOYHIGHER": { "v": "58" }, "EMPLOYLOWER": { "v": "9" }, "INPUTS": { "v": "17" }, "OUTPUTS": { "v": "3" }, "FSI": { "v": "44" }, "EMPLOYSAME": { "v": "33" } }, { "d": "2006-01-01", "EMPLOYHIGHER": { "v": "50" }, "EMPLOYLOWER": { "v": "8" }, "INPUTS": { "v": "-3" }, "OUTPUTS": { "v": "5" }, "FSI": { "v": "39" }, "EMPLOYSAME": { "v": "42" } }, { "d": "2006-04-01", "EMPLOYHIGHER": { "v": "44" }, "EMPLOYLOWER": { "v": "9" }, "INPUTS": { "v": "7" }, "OUTPUTS": { "v": "7" }, "FSI": { "v": "33" }, "EMPLOYSAME": { "v": "48" } }, { "d": "2006-07-01", "EMPLOYHIGHER": { "v": "51" }, "EMPLOYLOWER": { "v": "11" }, "INPUTS": { "v": "-6" }, "OUTPUTS": { "v": "-8" }, "FSI": { "v": "39" }, "EMPLOYSAME": { "v": "38" } }, { "d": "2006-10-01", "EMPLOYHIGHER": { "v": "50" }, "EMPLOYLOWER": { "v": "10" }, "INPUTS": { "v": "-11" }, "OUTPUTS": { "v": "-2" }, "FSI": { "v": "29" }, "EMPLOYSAME": { "v": "41" } }, { "d": "2007-01-01", "EMPLOYHIGHER": { "v": "51" }, "EMPLOYLOWER": { "v": "6" }, "INPUTS": { "v": "-11" }, "OUTPUTS": { "v": "-3" }, "FSI": { "v": "22" }, "EMPLOYSAME": { "v": "43" } }, { "d": "2007-04-01", "EMPLOYHIGHER": { "v": "46" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "0" }, "OUTPUTS": { "v": "-9" }, "FSI": { "v": "25" }, "EMPLOYSAME": { "v": "42" } }, { "d": "2007-07-01", "EMPLOYHIGHER": { "v": "45" }, "EMPLOYLOWER": { "v": "8" }, "INPUTS": { "v": "-3" }, "OUTPUTS": { "v": "-4" }, "FSI": { "v": "29" }, "EMPLOYSAME": { "v": "47" } }, { "d": "2007-10-01", "EMPLOYHIGHER": { "v": "42" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "-6" }, "OUTPUTS": { "v": "2" }, "FSI": { "v": "3" }, "EMPLOYSAME": { "v": "46" } }, { "d": "2008-01-01", "EMPLOYHIGHER": { "v": "45" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "27" }, "OUTPUTS": { "v": "11" }, "FSI": { "v": "11" }, "EMPLOYSAME": { "v": "43" } }, { "d": "2008-04-01", "EMPLOYHIGHER": { "v": "44" }, "EMPLOYLOWER": { "v": "11" }, "INPUTS": { "v": "38" }, "OUTPUTS": { "v": "20" }, "FSI": { "v": "5" }, "EMPLOYSAME": { "v": "46" } }, { "d": "2008-07-01", "EMPLOYHIGHER": { "v": "40" }, "EMPLOYLOWER": { "v": "12" }, "INPUTS": { "v": "-15" }, "OUTPUTS": { "v": "-5" }, "FSI": { "v": "9" }, "EMPLOYSAME": { "v": "48" } }, { "d": "2008-10-01", "EMPLOYHIGHER": { "v": "20" }, "EMPLOYLOWER": { "v": "28" }, "INPUTS": { "v": "-48" }, "OUTPUTS": { "v": "-23" }, "FSI": { "v": "-38" }, "EMPLOYSAME": { "v": "52" } }, { "d": "2009-01-01", "EMPLOYHIGHER": { "v": "25" }, "EMPLOYLOWER": { "v": "26" }, "INPUTS": { "v": "-34" }, "OUTPUTS": { "v": "-35" }, "FSI": { "v": "-53" }, "EMPLOYSAME": { "v": "50" } }, { "d": "2009-04-01", "EMPLOYHIGHER": { "v": "39" }, "EMPLOYLOWER": { "v": "17" }, "INPUTS": { "v": "-15" }, "OUTPUTS": { "v": "-10" }, "FSI": { "v": "-21" }, "EMPLOYSAME": { "v": "45" } }, { "d": "2009-07-01", 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