Business Outlook Survey—Second Quarter of 2025 https://www.bankofcanada.ca/?p=246806 Expected to be higher Expected to be lower Balance of opinion (%) Balance of Opinion Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Export sales growth Some or significant difficulty meeting unexpected increase in demand (share of firms) Historical average share of firms citing either some or significant difficulty Labour shortages (share of firms) Historical average share of firms facing labour shortages Streamline production, reduce average costs, improve productivity Increase output, expand operations Replace or repair equipment Higher (%) Future Employment Level - Over the next 12 months, your firm’s level of employment is expected to be… Same (%) Future Employement 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… BOS: Expected wage increase, change over the next 12 months (year-over-year percentage change) BLP: Expected wage increase, change over the next 12 months (year-over-year percentage change) 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? 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? Data BLP, 1-year-ahead BLP, 2-year-ahead BLP, 5-year-ahead BOS, over the next 2 years Data Data 65.7-2.0 35.60.0 44.2-2.0 24.0-5.0 4.0-29.0 3.0-30.3 5.1-43.6 2.3-13.6 0.0-24.5 3.0-12.9 0.0-14.7 0.0-5.0 0.3952.50 0.36 0.05 0.04 0.0316.80 0.13 19.80 17.80 6.90 1.00 6.0 12.0 24.0 -13.0 -30.0 9.0 9.0 21.0 69 52 50 50 48 43 3820-14-942 4914231038 3815-3746 50126238 461391542 521527533 47128641 44176639 4313-10-544 3417-5-1749 3120-30-548 2827-33-2746 4418-8-1137 481181441 4716171237 401813-242 47136-140 3315-11-752 4310-1733448 4114-4-194545 4514-11-43141 471520-44039 4411-1103446 5012-23-154039 5011184839 46140-23340 59928113232 5891734433 508-353942 449773348 5111-6-83938 5010-11-22941 516-11-32243 46120-92542 458-3-42947 4212-62346 451227111143 44113820546 4012-15-5948 2028-48-23-3852 2526-34-35-5350 3917-15-10-2145 4215103-943 541420102432 501229283638 501034285041 391420294848 49832233243 501339144838 57435134239 52143-92634 5495-72437 55127-16033 596333435 44185122039 42143-32445 45136-71843 449282247 43138122845 53111992536 5383714333945452329 4315-86394234452229 541098443641451829 4312-3-5204640452229 4020-1510404345212925.00048.00065.000 3913-26-1327484745192925.00045.00064.000 411371017472845172928.00045.00061.000 3119-17-178503645182928.00039.00063.000 431710015413945202923.00036.00067.000 4322-5-34363545192921.00044.00061.000 4716-2-1021373845242926.00045.00060.000 5115232432343745282932.00045.00063.000 521410-346343945192934.00044.00062.0002.61 668141459264645252931.00041.00062.0003.03 48140057384745252936.00049.00050.0003.01 501126234395645302934.00049.00049.0003.42 54922641374745262932.00046.00052.0003.37 565301249395745342931.00044.00056.0003.75 5113261240365645372938.00050.00048.0003.15 511071027395745372941.00056.00042.0003.92 49142-614373145192938.00056.00048.0003.03 1.88 4913-6723384245262936.00053.00051.0003.23 1.89 4312-7516465145342935.00049.00054.0003.00 1.86 531113-434365345312936.00047.00059.0003.22 1.89 42146-616454645282937.00046.00057.0002.79 1.93 4119-4-20-58402745132942.00038.00063.0001.45 1.45 391390-22484445252939.00039.00066.0002.15 1.90 541124151355745332943.00049.00055.0003.31 1.81 516464542434645222948.00052.00051.0002.55 2.28 683202681296145232942.00056.00052.0004.02 2.78 7148856256545362944.00060.00055.0004.37 3.03 80371661177845412947.00060.00054.0004.80 4.403.262.59 4.443.222.653.75 663162640318145402949.00056.00052.0005.163.39 4.723.362.84 3.80 693122257287945422945.00054.00055.0005.845.373.642.62 5.143.282.56 59.525.453.362.514.77 547-39-24183954.227645462945.00049.00054.0004.923.815.583.472.64 52.055.563.392.63 54.014.953.132.544.19 4611-39-10114439.086945382948.00045.00055.0004.663.474.772.952.45 34.474.663.072.31 36.024.683.142.494.04 549-49-26103737.955945312940.00053.00057.0004.673.214.282.862.39 33.064.633.232.73 33.694.142.892.573.88 4814-53-3383831.654745302939.00056.00055.0004.483.673.792.742.66 28.833.882.952.64 27.013.822.762.423.54 3912-63-4305025.594645322935.00047.00056.0004.303.393.482.842.65 25.493.832.812.53 21.863.432.732.503.29 3716-57-21-104617.914545272935.00040.00058.0004.133.353.672.632.38 11.443.492.842.60 9.003.362.652.523.17 4311-48-1844612.545345222934.00040.00061.0004.123.163.192.662.43 19.003.042.612.57 19.203.072.492.432.98 3812-32-23-15118.454445152928.00039.00059.0003.423.283.282.642.47 16.783.282.722.60 20.912.862.462.473.00 4214-28-28114519.014745182931.00038.00058.0003.522.902.952.452.48 22.262.842.562.58 21.112.572.382.482.51 4512-33-1304321.913945172937.00039.00054.0003.262.782.442.352.43 21.152.722.462.69 19.102.842.622.702.50 321443225417.153345202941.00041.00052.0003.372.472.822.402.55 16.273.302.932.67 8.503.612.852.542.58 33109-1-6572.143945162935.00040.00062.0003.202.403.712.852.45 -0.103.322.912.78 5.082.932.652.632.72