Staff of Reuters Read for 2 minutes (Reuters) – OTTAWA, July 5 (Reuters) – According to a Bank of Canada survey released on Monday, business mood in Canada is improving, with hard-hit firms becoming more hopeful that sales would pick up as vaccines become available, indicating a broadening of the economic recovery ahead. In the summer survey, the central bank’s Business Outlook Survey Indicator hit its highest level on record, owing in part to base-year effects, but also to a rise in positive sentiment. “All but a few enterprises believe the pandemic’s uncertainty is behind them,” the central bank stated. The majority of enterprises reported an increase in sales prospects over the previous year, with no evidence of demand degradation. Despite this, roughly 40% of businesses have current sales that are lower than pre-pandemic levels. Foreign sales, notably to the United States, have a bright future. According to the study, most businesses across all regions and industries aim to hire, indicating that the labor market recovery will accelerate. The 100-firm study was conducted between May 11 and May 28, when COVID-19 incidents were declining but third-wave limitations were still in effect in several areas./n
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