Aug 14, 2025
3 min read
Second quarter 2025 Survey results |Full.22.2 |July 21, 2025
The content of content has conducted the facial facial facility.The conclusion is April, May and June 2025. Notification of this special quarter with specialty companies with special companies.
- Customs and uncertainty, along with the effects of abundance on Canadian and international economies, continue to have a major impact on corporate views.However, the worst scenario that is useful in the last quarter of the company was now considered smaller.
- Sales prospects remain pessimistic because of worrying about the lower effects of the economy are down.But in the results of the monthly survey, some improvements in the display of the company that show - especially among exports - because some have been affected directly at current rates.
- Uncertainty to continue to be careful in the tluc for rental and investment.Many organizations expect to maintain a staff position and reduce the investment in frequent work in the next 12 months.
- For some, the increase in costs and commercial uncertainty have flourished.Companies are responsible for weak demand and competition as a limitation of their ability to increase costs for their customers, although most are still planning to make any transition.
- Opposition to development for buttons Time returns to reports reported at the end of 2024.
Tariffed effects have been materialized, but the expectations of the future effects have been comfortable
Trade rates and voltage continue to consider the prospects of many firms.In some cases, the adverse effects on costs and sales that many companies predict the last quarter have been implemented, and the firm hopes to survive.
At the same time, the companies have made their expectations for negative consequences, as the most common scenarios of the worst case expected in the last quarter are now less sensible (Figure 1).
Figure 1
In the last quarter, companies have evaluated the economic environment in a high and unexpected forecast for next year, but they can still report difficult or somewhat difficult.
However, in financial, financial, financial, financial and political conditions, new challenges have been exempt from direct influence on the global economy, and no firm is still suspended to demand new investment plans and their financial management, their funding (box 1).
The business is sentimentally, although it has been reduced, it has improved in March and 20 April registered on a sharp invoice (Figure 2).Birt 28-28-28% remain more than 2024 levels that reflect the voltages of the trade.
Figure 2: Business feelings have improved quickly
Weak demand is a wide base
Land expectations for corporate sales are weakened in the second quarter of 2025. The opinion balance on future sales indicators has proven negative, as the effect associated with rates is implemented.They stated that their indicators had improved (graphics 3).This weakness is largely guided by the wide effects of transportation from the commercial conflict, such as:
- Weak Costs for Services and Capital Products Business Customers
- Low use of users or concerns that users can start using less
- Incorrect views in place of home
Similar sales are conducting an inspection between oily companies and natural gas air.
Exports are reflected before the weakness of the nearby sales indicators where customers are already the smoke of goods.
Graph 3: Future sales index is weak
Despite the impact of the direct groups, the group that led the quarter of the business was due to the year of the year.Product growth (table 4).This is a special consultation of a bank staff, it is currently facing tariffs - APPper and the car company - the weak perspective has been reported.
Diagram 4: Perspective for Export Sales has improved
Plans are saved to expand the force
Most businesses report that their physical capacity and size are sufficient.The share of companies that have struggled with unexpected increases in demand remains lower than their historical media (Figure 5, yellow line).There is little evidence that businesses limit their ability to meet demand or obtain critical inputs.Companies say they can find workers more easily than they were a year ago, while last year, businesses said they can report a share of labor shortages as they reported as less than average (Figure 5, green line).
Diagram 5: Many companies have enough capacity
Investment investment is always held in this quarter, with a variation under its long -term average pushing their investment plans because:
- Soft demand
- constant uncertainty
- have an existing capacity
Other companies are focused on regular protection in order to expand or improve the ability to produce the ability.
Figure 6: Plans Payment checks on the preservatives available
Also, a rental decision is distracted.More than a regular base to improve costs to meet the most available.Acquisitions, for clients in the Caada Ear Banking Account working in business sections, work concerns are high but reduced from the last quarter.
You have to ask you to have a mockery and ask for percentage of companies that are mostly transferred to them to cut out a lot of companies or companies.
Chart 7: Most organizations are intended to keep employment stably.
The Company Hope of the next year's development is continued (3 tabs).Accurate.
Figure 8: expectations of wage growth continue to develop below
The pressure on the cost of commercial tension remains
Cost stresses are still widespread.Half companies have reported that there are currently extra tariff costs.Rather than the direct impact of tariffs on incoming prices, companies are also facing additional costs related to alternative suppliers and new market development.
In this situation, tensions and tensions are the main source of higher pressure on the expected input price growth. The company now expects the growth of input prices to accelerate in 12 months, which is the opposite of the past three years (chart 9).
Table 9: Due to customs company, the company expects prices to rise
Increasing the cost of tariffs also exerts pressure on the expected sales of prices for companies.However, competitive pressure and current weakness that requires demand limits the ability of companies to transmit these customer costs.Many companies expect sales prices to increase next year than last year.Absorb some of these increased costs, press your profits and try to maintain a market share (list 11).
Chart 10: Ferms expect constant growth in their selling price
Chart 11: Many companies absorb tariff costs through margins
Almost inflation has been sent back to the levels of the end of 2025 of the last quarter (graph 12).Expecters for the horizon, between the same, the same, a small higher occupation, but remain within the bank's target range.
Figure 12: Short-term expectations regarding enterprise inflation returned to levels at the end of 2024
Box 1: Companies and consumers report that uncertainty affects their planning
About half of the participants of the Bank's business crowd reported approximately projected for brief action of business entrepreneurs in Canada.Firms, due to multi-uncertainties, they also discussed how the prospects for the formation of perspective in the current sphere.The change in commercial policy means that these companies will not be introduced to companies.This is especially affected by companies directly involved in international trade.
One of the discomfort of the wool is the disorder where it is due to transaction conflict between customers.In Canada customers expect, the upper part of customers said: the future is more difficult to foretell.Families will reduce prices, delay in great purchases, and increasing money.
The high uncertainty must face, expensive companies to expensive discussions, if business policy or economic situations change and rebuild their plans.
- A quarter of the company indicated that their investment plans or plan has dropped (the 1-a table, panel b).
- This includes possession of employment;The percentage of companies planning to maintain staff for the next year is at the highest level of research.
- Similarly, many companies speak of the continuation of current investment plans, but refraining from new capital expenditures designed to expand their capacity or increase productivity.For example, many domestic builders say they delay new projects due to uncertainty about sales and construction costs.
- Some companies work on the removal of the risk of their balance sheets to allow them to resist their financial crisis.It includes activities such as debt payments and for financial intermediaries, loans increase.
-in bank accounts and during the dominant colors in laberatec, including the customer.1end.The customer said leading for a short time and attention as their purchase.
Chart 1-A: uncertainty is considering financial decisions, consumer costs and business investments.
Chart 1-A: Consider Financial Decisions, Consumer Spending and Business Investment Unswer
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The results of the comments survey report revealed by the respondent and did not reflect the opinion of Bank Canada.
The local provider of banks of the Canadian bank guide from the interview of 100 Select to confirm the trademarks of Canadi.More information on the survey and the content is in the Canada Web site.
Canada's Pulse Bank of Canadian leaders is a survey of 700 to 1000 Canadian business leaders that meet one of the three short online reaches on a monthly basis.For more information about the heartbeat of business leaders, see.T. Chernis, C. D'Ouza, K. Maclean, T. Reader, J. Slive and F. Slive Spural ", Bank of Canada for Discussion Documents No. 2022-14 (June 2022).
