#Bank of Canada#Ontario#Interest rates#Minimum wage#Business Outlook Survey

Bank of Canada: companies looking to hire despite minimum wage hikes

zaymalz malz
|Jan 9|magazine4 min read

According to the latest business outlook survey conducted by the Bank of Canada, many companies are still looking to hire, despite the impending minimum wage hikes across the country.

The poll conducted by the central bank showed that, in general, business confidence continued to rise, almost reaching the all-time highs reached in the business outlook survey in the summer of 2017.

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“Business sentiment in the winter Business Outlook Survey remains positive: the sales outlook is still healthy, despite some moderation,” the Bank of Canada said. “At the same time, capacity and labour pressures are becoming more apparent and are stimulating firms’ employment and investment plans.”

The report expects a widespread expansion of operations, reflecting both the strong demand and tightening labour markets that Canada is currently experiencing, as unemployment levels dropped to the lowest in over 40 years of late.

Further, the results have been published just one week before the bank’s next interest rate announcement and is likely to justify what is expected to be a hike for the third time since last summer.