OTTAWA — 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.
The central bank released its business outlook and consumer expectations surveys Monday, which showed increased optimism as people expect interest rate cuts are nearing.
"In the wake of weak past sales growth, expectations for improved sales are supported by population growth, efforts to enter new markets or develop new products and expectations that interest rates will decline over the next 12 months," the Bank of Canada said. Nevertheless, consumers are becoming less pessimistic about where the economy is headed as they expect interest rates to fall.
Workers also continue to be optimistic about the job market and expect strong wage growth, despite signs of the labour market loosening.
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