BOC survey highlights:

  • Prior was +8
  • Senior loan officer survey +4.4 vs +1.4 prior
  • Credit conditions tightened, especially resource firms
  • US growth, lower dollar improving business outlook
  • Sees dampened outlook for firms tied to resources
  • Surveys point to continued slack in the labor market
  • Intentions to invest 'more widespread'
  • Hiring intentions 'modest'
  • Overall, inflation expectations are little changed since the summer survey
  • Senior loan officer survey
  • Business outlook survey

Ignore the headline, the jobs survey in the report is a concern. The metrics for hiring difficulty are at the lowest since 2009.

Combined with today's rise in Canadian unemployment, it paints a picture of a slowdown in the economy.