Businesses Expect Slower Sales in Short Term as Cost, Labour Issues Persist
The Canadian Chamber of Commerce Business Data Lab team has released the results of their 2023 Q1 Canadian Survey on Business Conditions (CSBC). Nearly 16,000 businesses responded to the recent survey between Jan. 3 and Feb. 6 and indicated that they expect subdued sales in the short term as they face continued cost and labour pressures, despite slowing inflation.
Results also show that costs and labour issues remain the biggest near-term obstacles for Canadian businesses, with one-third of them expecting to raise prices next quarter.
Businesses said they expect inflation to remain the top obstacle over the next three months at 58%, followed by input costs at 46% and interest rates and debt costs at 40%.