Business Still Facing Same Issues

Businesses continue to expect to face a variety of obstacles over the next three months related to rising costs, hiring and recruitment, and supply chain, says Statistic Canada’s ‘Canadian Survey on Business Conditions’ for the second quarter of 2022. These obstacles have impacted businesses in a number of different ways. Many that were facing challenges maintaining inventory levels or acquiring inputs, products, and supplies, either domestically or abroad, expect these challenges to worsen in the short term. Over the next three months, half of businesses expect their profitability to remain relatively unchanged, nearly two-fifths expect to increase the prices they charge, and over three-quarters expect their number of employees to remain the same. Rising costs of inputs have been an issue for many industries, with rising costs of labour, capital, energy, and raw materials the most commonly expected obstacles over the next three months. This is especially an issue for businesses in forestry, manufacturing, and construction. Other challenges businesses expect to face in the coming months include transportation costs, insurance costs, and continued supply chain issues.