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13.01.2020, 12:23

BoC’s Business Outlook Survey in focus – TDS

Analysts at TD Securities note the Bank of Canada's (BoC) Business Outlook Survey (BOS) will be watched for any signs of near-term malaise following the recent deterioration in economic data surprises and small business sentiment, which currently sits at the second lowest level since 2016.

  • "Despite recent softness in economic data, consensus GDP expectations have been revised higher in five of the last six months, which should lend support to expectations for sales growth.
  • Elsewhere, the pickup in Q3 investment should translate into some relief capacity-related indicators and the recent moderation in employment data suggests an easing of labour shortages from the previous survey. Overall, this may result in a modest pullback for the aggregate BOS indicator, but we do not expect a retest of the Q1 lows."

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