The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy.
Although firms still reported weak demand, indicators of business conditions, sales outlook and employment intentions improved after several quarters of decline.
Meanwhile, nearly two-thirds of Canadian consumers are cutting or postponing spending due to high inflation and interest rates.
“Although weak, consumer sentiment improved this quarter, with people expecting lower interest rates,” the Bank of Canada said.
Forecasters widely expect the central bank to begin lowering its policy rate around the middle of the year as inflation continues to fall and economic growth remains weak.
“Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas,” the central bank said.
The original article contains 363 words, the summary contains 140 words. Saved 61%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy.
Although firms still reported weak demand, indicators of business conditions, sales outlook and employment intentions improved after several quarters of decline.
Meanwhile, nearly two-thirds of Canadian consumers are cutting or postponing spending due to high inflation and interest rates.
“Although weak, consumer sentiment improved this quarter, with people expecting lower interest rates,” the Bank of Canada said.
Forecasters widely expect the central bank to begin lowering its policy rate around the middle of the year as inflation continues to fall and economic growth remains weak.
“Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas,” the central bank said.
The original article contains 363 words, the summary contains 140 words. Saved 61%. I’m a bot and I’m open source!