In the business sector, the pullback in hiring that I noted earlier has been accompanied by some reduction in capital spending plans, as weaker sales prospects, tighter credit, and heightened uncertainty have made business leaders more cautious.
These events come just as we approach the two-year mark of the COVID-19 pandemic. The economic recovery from the pandemic has been impressive. While uncertainty about the evolution of the virus remains, the agility and resilience of Canadian households and businesses through the past two years of immense challenge cannot be overstated.