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CLARIFY: BOC Biz Survey Points to Continued Optimism 

--Clarifying First Graph In Story Sent 10:47 am ET
By Courtney Tower
     OTTAWA (MNI) - Following are the key points from Bank of Canada's Summer
Business Outlook Survey published Friday:
     - The survey points to "continued business optimism," with more reports of
increasing pressure on capacity and prices. Firms came off a high-growth year
and "despite some expectations of a moderation in the pace of sales growth",
their outlooks for sales "remain robust". The balance of opinion for future
sales, at 6, fell from 16 in the spring survey. Firms expect strong foreign and
domestic demand, and improvements in commodity prices. The survey was conducted
May 3 to June 5, but most interviews were done before the May 31 U.S.
announcement of steel and aluminum tariffs on imports from Canada.
     - Investment intention are "slightly weaker" than in the spring but "remain
buoyant". Higher investment plans are "more prevalent in the services sector,"
the report said. "Several firms, often exporters, plan to reduce spending,
having recently completed significant projects." But the balance of opinion in
investment declined to 17 from 24 in the spring and firms "frequently reported
that the regulatory environment is negatively affecting their investment plans."
     - There are "widespread plans" to increase hiring over the next year, but
"generally modestly." Some 56% of firms covered see higher employment versus
only 5% expecting lower hiring, for a balance of opinion of 51. Hiring plans,
often driven by expected sales growth, are broad-based across Canada but
especially in service firms, the report said. "Several firms reported that labor
shortages are limiting hiring."
     - Reports of pressure on production capacity and labor shortages are
"increasingly common," mostly outside the energy sector. For the fifth straight
quarter, "firms reported that, on balance, labor shortages are more intense than
they were 12 months ago," the report said. In addition, inflation expectations
rose, although 90% of firms still expect inflation to stay within the Bank of
Canada's target range of 1%-3%. But 58% now expect inflation to range between 2%
to 3% over the next two years, the highest percentage since the first quarter
2012.
     - Most firms reported no change in credit conditions. An accompanying
survey of senior loan officers showed a lower demand for all types of
mortgage-related borrowing, a trend "expected to continue in the next quarter."
--MNI Ottawa Bureau; +1 613 869-0916; email: yali.ndiaye@marketnews.com
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