Recent reports from the Bank of Canada reveal a notable decline in both consumer and business sentiment, particularly due to U.S. tariff uncertainties. The number of businesses anticipating a recession has surged, indicating rising concerns over economic conditions. Businesses have scaled back their growth expectations for sales and investment, with significant reductions in plans for hiring and machine purchases. Overall inflation expectations have risen, driven by anticipated increases in input costs due to potential tariffs, prompting firms to labor under increasing uncertainty about the future.
"In the current economic environment, many businesses are delaying important decisions, such as those related to investment and hiring, until they have a clearer outlook."
"Uncertainty surrounding financial, economic and political conditions remains the top concerns for firms and rose sharply this quarter."
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