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

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

Bank of Canada survey says business hiring plans remain muted due to pandemic

About one-third say they have used a federal wage subsidy to reduce or avoid layoffs

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 central bank’s quarterly business outlook survey released today suggests many service sector and energy companies don’t expect a return to pre-pandemic employment levels.

About one-third say they have used a federal wage subsidy to reduce or avoid layoffs, while other firms looking to rehire or hire new staff cited an emergency federal benefit for workers as a hurdle to their plans.

The worry among workers about losing their job rose to the highest level seen in the central bank’s survey of consumer expectations, released alongside the business outlook.

As well, workers’ expectations of how easily they could find new work dropped to the lowest level since the 2015 oil price shock.

Consumers’ expectations for wage growth were below what they anticipated for inflation, while the outlook for growth in household income dropped to its lowest level in the survey’s history.

The Canadian Press

Coronaviruseconomy

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

Just Posted

A pair of Okanagan Regional Library reference librarians have created a podcast called Hard Cover that takes a zany but informative look at books, libraries and librarians. (File photo)
Okanagan reference librarians produce quirky podcast

Davin Helkenberg and Peter Critchley are behind Hard Cover

A Shoppers Drug Mart employee in Vernon has tested positive for COVID-19, the company confirmed on Jan. 27, 2021. The last day the employee worked was Jan. 23. (K-J Millar - The Northern View)
COVID-19 case at Vernon Shoppers Drug Mart

Loblaws notes positive result on disclosure page

Okanagan Symphony Orchestra music director Rosemary Thomson in action at the podium. Photo by Lynda Miller.
Kelowna filmmaker gets funding to create new ‘Local Heroes’ documentary

The documentary will be focused on the director of the Okanagan Symphony Orchestra and Opera

Tom Ouchi is Respect Works Here’s Community Champion for January 2021. (Contributed)
Vernon Fire Rescue Services responded a structure fire on Valleyview Place Jan. 26, 2021, around 5 p.m. (Brendan Shykora - Vernon Morning Star)
Vernon firefighters knock down fully involved basement blaze

All occupants of the home got out safely but have been displaced, their home extensively damaged

Dr. Penny Ballem, a former deputy health minister, discusses her role in leading B.C.’s COVID-19 vaccination program, at the B.C. legislature, Jan. 22, 2021. (B.C. government)
B.C. holds steady with 407 new COVID-19 cases Tuesday

14 deaths, no new outbreaks in the health care system

Vaseux Lake in winter. (Facebook)
Dogs rescued after falling through ice on Vaseux Lake

Good Samaritans saved the trapped dogs

Superstore
Three employees test positive for COVID-19 at Okanagan Superstore

Penticton 7 Eleven has reopened after closing for a week for COVID

B.C. Premier John Horgan speaks at B.C. legislature on the province’s mass vaccination plan for COVID-19, Jan. 22, 2021. (B.C. government)
COVID-19 quarantine not an option for B.C., John Horgan says

Apres-ski parties increase risk, not interprovincial travel

A rendering of the proposed “Aqua” resort in Kelowna’s Lower Mission area. (Contributed)
Towering waterfront resort planned in Kelowna

Mission Group’s ‘Aqua’ resort has been in the works for more than a decade

“My grandma always just said…making people smile is the most important thing,” says Nicholas Kruger. (Chehala Leonard, Local Journalism Initiative Reporter)
Entrepreneur Nicholas Kruger nominated as Okanagan community changemaker

With humour and knowledge, Nicholas Kruger says it’s important to give back

Worker at Swartz Bay terminal on Monday, January 20, 2020. (THE CANADIAN PRESS/Chad Hipolito)
Former BC Ferries employee alleges he was fired because of his race

Imraan Goondiwala has been granted a BC Human Rights Tribunal hearing

Colton Jacob Thorsen. (Facebook)
Accused Osoyoos shooter to be tried by judge

Colton Jacob Thorsen is charged with attempted murder stemming from an October 2020 incident

Geoff Orr began building his dream home in the hills above Penticton over 14 years ago. The architect used recycled lumber from the old Super-Vale grocery store. (Floating Orb Productions / YouTube)
WATCH: Penticton man shows off dream home made from recycled lumber

A lot of the lumber used was taken from the demolished Super-Valu grocery store

Most Read