FILE – 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

FILE – 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

Companies have modest hiring plans, low wage growth expectations, Bank of Canada says

The survey also finds that wage growth is widely expected to slow over the next year

The Bank of Canada says companies are hedging hiring plans and wage growth expectations in the coming months over heightened uncertainty from the COVID-19 pandemic.

The central bank’s business outlook survey finds hiring intentions remain below their historical averages, suggesting modest hiring plans even as the overall outlook on employment edges up.

Almost one-third of businesses told the bank they expect their workforce numbers to remain below pre-pandemic levels for at least the next 12 months, or to never fully recover.

The survey also finds that wage growth is widely expected to slow over the next year, mostly a result of the pandemic and ongoing uncertainty, with some firms reporting a wage freeze.

The bank also says that nearly half of firms surveyed used the federal wage subsidy program to avoid layoffs or quickly refill positions.

About 100 firms took part in the bank’s regular survey out this morning, but did so between late August and mid-September when COVID-19 case counts were still low.

READ MORE: B.C.’s post-pandemic economy to recover in 2022, economists say

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronaviruseconomy

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

Just Posted

Masks are now officially mandatory in all City of Campbell River facilities. (Black Press File Photo)
Interior Health reports 49 new COVID-19 cases overnight

302 cases remain active; two in hospital

A man wearing a face mask to help curb the spread of COVID-19 walks in downtown Vancouver, B.C., Sunday, Nov. 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
104 new COVID-19 cases in Interior Health

IH is reporting the new numbers since Friday, Nov. 20

Simpcw First Nation report two hunters have not returned from a Saturday hunting trip.  (L-r) Will Smith and Paul Celesta (who is a diabetic) have been missing since yesterday evening.  Search parties and a helicopter are currently out trying to locate the pair.  (SFN photos)
UPDATE: HUNTERS HAVE BEEN FOUND! Simpcw report two hunters missing – search underway

UPDATE: HUNTERS HAVE BEEN FOUND SAFE! “It is with great happiness we… Continue reading

letters teaser
Please be kind to our Dr. Henry

To the Editor; Please be kind to our Dr. Bonny Henry. What… Continue reading

District of Barriere Utilities Manager reports to council on Barriere wells
District of Barriere Utilities Manager reports to council on Barriere wells

District of Barriere Utilities Manager Ian Crosson presented a verbal report during… Continue reading

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. daily COVID-19 cases hits record 941 on Tuesday

Further restrictions on indoor exercise take effect

(Pixabay.com)
Man, 28, warned by Kootenay police to stop asking people to marry him

A woman initially reported the incident to police before they discovered others had been popped the question

Winston Blackmore (left) and James Oler (right) were sentenced on separate charges of polygamy this week in Cranbrook Supreme Court.
No more charges expected in Bountiful investigation, special prosecutor says

Special prosecutor says mandate has ended following review of evidence from Bountiful investigations

(Ashley Wadhwani/Black Press Media)
Refuse to follow B.C.’s mask mandate? Face a $230 fine

Masks are now required to be worn by all British Columbians, 12 years and older

BC Teachers' Federation President Teri Mooring is asking parents of school-aged children to encourage the wearing of masks when possible in schools. (THE CANADIAN PRESS/Chad Hipolito)
LETTER: Teachers union encourages culture of mask wearing in B.C. schools

BCTF President Teri Mooring asks parents to talk with children about wearing masks in school

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Prime Minister Justin Trudeau speak to the media about the COVID-19 virus outside Rideau Cottage in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Adrian Wyld
Canada’s inability to manufacture vaccines in-house will delay distribution: Trudeau

First doses of COVID-19 vaccine expected in first few months of 2021, prime minister says

Pamela Wright, a UNBC professor in the department of ecosystem science and management, is presented with the Mitacs Award for Exceptional Leadership - Professor, at a virtual ceremony today (Nov. 24) in recognition of her collaborative work with community partners and students to conserve Canada’s northern lands. (Photo submitted by Mitacs)
UNBC professor receives prestigious conservation award

Pamela Wright recognized for leadership in ‘breakthrough’ work on northern issues

(Pixabay)
All dance studios, other indoor group fitness facilities must close amid updated COVID-19 rules

Prior announcement had said everything except spin, HIIT and hot yoga could remain open

Most Read