Businesses Pessimistic About Future

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    Canadian businesses are becoming more pessimistic about the economy and their future prospects for sales both at home and in foreign markets, says the Bank of Canada. The central bank’s survey of senior management at 100 representative firms shows confidence is well off post-recession highs across the broad spectrum of issues ‒ from sales expectations to their ability to pass through their costs to customers. But executives are most gloomy about sales. For the first time in almost three years, more firms on balance expect sales growth to slow rather than increase over the next 12 months. In the survey, 41 per cent expect their sales pace to slow, as opposed to 37 per cent that expect an increase.