A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld

Bank of Canada survey says business hiring plans remain muted due to pandemic

About one-third say they have used a federal wage subsidy to reduce or avoid layoffs

Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty.

The central bank’s quarterly business outlook survey released today suggests many service sector and energy companies don’t expect a return to pre-pandemic employment levels.

About one-third say they have used a federal wage subsidy to reduce or avoid layoffs, while other firms looking to rehire or hire new staff cited an emergency federal benefit for workers as a hurdle to their plans.

The worry among workers about losing their job rose to the highest level seen in the central bank’s survey of consumer expectations, released alongside the business outlook.

As well, workers’ expectations of how easily they could find new work dropped to the lowest level since the 2015 oil price shock.

Consumers’ expectations for wage growth were below what they anticipated for inflation, while the outlook for growth in household income dropped to its lowest level in the survey’s history.

The Canadian Press

Coronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Elk Valley Hospital is adapting to meet the needs of patients in the Elk Valley.
‘Horrible’: Number of positive tests in Elk Valley on the rise

Dr Ron Clark of Elk Valley Hospital said one in five tests was returning positive for COVID-19

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
253 new COVID-19 cases, 4 more deaths in Interior Health over the weekend

More than 1,000 cases in the region remain active

(File Photo)
Fernie Heritage Library plans Family Literacy Day events

The Fernie Heritage Library is hosting a number of programs to get kids excited about reading

The City of Fernie's pilot snow plow program is ongoing through the 2020-21 winter season. (Soranne Floarea / The Free Press)
Changes coming to Fernie snow plow efforts

Curb-to-curb plowing will be the most obvious change after the next snowfall in Fernie

Dustin Denham, Colin Standish, Jennifer Sliva, Jennifer King, and Cindy Sleeman rode to the Montane Hut to celebrate Fernie Fatbike Day. (Soranne Floarea/ The Free Press)
First ever Fernie Fatbike Day gets local tires spinning

The FMBC’s inaugural event spread the Fernie fatbike stoke all over local trails on Jan. 16

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C. adjusts COVID-19 vaccine rollout for delivery slowdown

Daily cases decline over weekend, 31 more deaths

Sunnybank
COVID-19 related deaths at Oliver, West Kelowna and Vernon senior care homes

Sunnybank, Heritage Retirement Residence and Noric House recorded deaths over the weekend

A female prisoner sent Langford police officers a thank-you card after she spent days in their custody. (Twitter/West Shore RCMP)
Woman gives Victoria-area jail 4.5-star review in handwritten card to police after arrest

‘We don’t often get thank you cards from people who stay with us, but this was sure nice to see’: RCMP

An elk got his antlers caught up in a zip line in Youbou over the weekend. (Conservation Officer Service Photo)
Elk rescued from zip line in Youbou on Vancouver Island

Officials urge people to manage items on their property that can hurt animals

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A Trail man has a lucky tin for a keepsake after it saved him from a stabbing last week. File photo
Small tin in Kootenay man’s jacket pocket saved him from stabbing: RCMP

The man was uninjured thanks to a tin in his jacket

Tla-o-qui-aht First Nation Chantel Moore, 26, was fatally shot by a police officer during a wellness check in the early morning of June 4, 2020, in Edmundston, N.B. (Facebook)
Frustrated family denied access to B.C. Indigenous woman’s police shooting report

Independent investigation into B.C. woman’s fatal shooting in New Brunswick filed to Crown

Delta Police Constable Jason Martens and Dezi, a nine-year-old German Shepherd that recently retired after 10 years with Delta Police. (Photo submitted)
Dezi, a Delta police dog, retires on a high note after decade of service

Nine-year-old German Shepherd now fights over toys instead of chasing down bad guys

Nurses collect samples from a patient in a COVID suspect room in the COVID-19 intensive care unit at St. Paul’s hospital in downtown Vancouver, Tuesday, April 21, 2020. (THE CANADIAN PRESS/Jonathan Hayward)
5 British Columbians under 20 years old battled COVID-19 in ICU in recent weeks

Overall hospitalizations have fallen but young people battling the virus in hospital has increased

Most Read