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    • Most Canadian businesses and consumers expect a recession in next 12 months: BoC surveys

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    More than 70 per cent of Canadian consumers and two thirds of business firms think a recession is likely in the next 12 months, according to Bank of Canada surveys.

    Nearly one third of firms expect their rate of sales to decline over the next year, released by the central bank on Monday.

    Businesses are attributing the slower demand to rising interest rates, reduced household spending and expectations for a recession. Compared to the last survey conducted by the central bank, fewer firms are reporting domestic demand as a driver to invest.

    Despite an anticipated economic slowdown, most businesses think it will be mild. Nearly 70 per cent of firms expect their rate of sales to remain the same or grow over the next 12 months.

    In December, the Canadian economy added 104,000 jobs. Firms are taking a more cautious approach to hiring, but still almost half of firms plan to add staff over the next year to meet demand.

    鈥淲e don't expect to see a deep decline in economic activity,鈥 said Pedro Antunes, the Conference Board of Canada chief economist. 鈥淣ot recessions like we've seen in the past where the bottom falls out of consumer spending and we end up with job losses.鈥

    The majority of Canadian consumers are finding it difficult to access credit, according to the . Wage growth expectations have dipped and nearly half of Canadian workers don鈥檛 expect their earnings to catch up to the recent inflation.

    "I spend a lot of money to buy little things," said one survey respondent.

    In response to higher inflation, Canadian consumers are cutting back the most on travel, accommodation, food service and recreation, according to the survey.

    鈥淭he bad news scenario is where inflation doesn't come down, this is higher interest rates and perhaps a much deeper recession in 2024,鈥 said Antunes.

    Half of surveyed households think they will be negatively affected if a recession occurs, with 44 per cent of them indicating they would have trouble paying their bills.

    Statistics Canada will release new inflation numbers on Tuesday, Jan. 17.

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    • For some shoppers it was Nov. 1, but for others the first hints of Christmas - saccharine treats, festive-fragranced candles and gaudily wrapped gift sets - were being noticed in stores long before the final Halloween decor had been cleared.

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    • Calgarians will be observing Remembrance Day at a number of different ceremonies across the city, including at the Hangar Flight Museum.

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    • Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.

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    • Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.

    • Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.

    • The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.

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    • Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.

    • Residents in the Sault expressed concerns ranging from vandalism to privacy invasions during recent consultations on the city's plan to install automated speed enforcement cameras.

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