Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Economy & Markets

Some Canadian business owners expect pick-up in U.S. economy after election

By Warren S. Hersch

X
Your article was successfully shared with the contacts you provided.

One-third of Canadian business owners believe the U.S. economy will grow faster after next week’s presidential election, according to a new survey.

BMO Financial Group released this finding in a summary of results from a survey of Canadian business owners.

While 32 percent of the survey respondents say the U.S. economy will gather steam after the presidential vote on Nov. 6, 27 percent don’t believe the American economy will improve.

“Canada’s outlook still depends quite heavily on the fate of the U.S. economy, with more than 70 percent of our exports bound for that market,” said Doug Porter, deputy chief economist, BMO capital markets. “While that share has dropped from more than 80 percent 10 years ago, no other economy comes close to the U.S. weight in our trade flows.”

BMO Economics forecasts the U.S. economy will grow by 2.2 percent, and just over that threshold in 2013, the survey says.

According to the BMO poll, when Canadian business owners were asked about the greatest challenges they face this year, the performance of the U.S. economy ranked sixth (cited by only 7 percent of businesses), down from being the biggest challenge cited when asked the same question last year (25 percent).

The greatest challenges cited include:

  • Reduced consumer spending—22 percent
  • Energy costs—16 percent
  • Laboor costs—16 percent
  • Increased raw material costs—11 percent
  • Global economic challenges—9 percent
  • Performance of the U.S. economy—7 percent

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.