Fewer consumers and businesses are expecting a recession compared to last quarter, according to two surveys released by the Bank of Canada on Friday.
One third of firms are preparing for a recession compared to one half at the beginning of the year, and 50 per cent of consumers are now expecting a recession compared to 58 per cent at the beginning of 2023.think the worst is behind them and have a better outlook on the future of the economy, with the expectation that interest rates will drop 12 months from now.
Variable rate mortgage holders are feeling the most impact from elevated interest rates and are more likely to cut back on spending. However, many businesses are also optimistic about domestic demand moving forward, pointing to fewer concerns about a recession and less uncertainty around the future path of interest rates, according to the central bank. Despite this, wage expectations from consumers remain high because of labour churn which puts upward pressure on salaries.
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