Bank of Canada survey says business hiring plans remain muted due to pandemic

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The Bank of Canada’s latest review of business and consumer expectations has revealed how widespread uncertainty is muting rehiring and purchasing plans, published days before a federal update gives the Liberals’ outlook for the economy.
The central bank’s business outlook survey suggested about half of firms foresee a rebound in their sales within the next year as COVID-19’s effects recede, but the expectations of a return to pre-pandemic levels often depend on lifting government-mandated restrictions.
The survey report published Monday suggests many service-sector and energy companies don’t expect a return to pre-pandemic employment levels. The worry among workers about losing their jobs rose to the highest level seen in the bank’s regular survey of consumer expectations, released alongside the business outlook report. Workers’ expectations of how easily they could find new work dropped to the lowest level in the survey since the 2015 oil-price shock as the country faces a different and far deeper economic crisis. By Jordan Press
The Canadian Press