Two surveys from the Bank of Canada today provide a pre-pandemic picture of consumers’ and businesses’ plans for the disrupted year.
Household spending expectations continued to edge up faster than expectations for wage growth, which the bank says suggests consumers by mid-February weren’t becoming more cautious in their spending. Much of that sentiment emanated from the country’s oil-producing regions, where companies were generally less optimistic, pulling back on capital spending and hiring plans as they watched the price of oil fall.Companies told the central bank they expected the economic shock from low oil prices to be worse than what hit the sector in 2015 and the 2008 economic crisis. As one data point, capital spending was being cut by 30 per cent compared with 2019.
The survey also suggests oil companies foresaw few layoffs unless low oil prices persisted over a longer period.
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