BOC business outlook survey points to sales boost


Highlights of the latest BOC survey

BOC survey 1future sales

The Business Outlook Survey is an underrated guide for the Bank of Canada. Poloz increasingly relies on it as a barometer for what’s coming next in the economy and the latest numbers are good, especially on the forward-looking indicators.

The numbers just released show the key measure of futures sales up to +23 from +6. The overall survey also rose to +0.2 from -0.6. It’s confirmation that the economy is coming out of the year-end soft patch and confirmation that the BOC won’t cut.

BOC survey 2


  • Investment spending +20 vs +20 prior
  • Employment +36 vs +35 prior
  • Some or significant capacity pressures +42 vs +31 prior
  • Labour shortages +26 vs +19
  • Input prices -6 vs +2
  • Output prices +7 vs -6
  • Inflation expectations largely unchanged from prior survey

The Canadian dollar is higher on the headlines but still reluctant to push through the highs of the year.

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