The central bank’s quarterly business outlook survey was marginally better than the previous poll, but an indicator based on a summary of responses remained negative for the seventh consecutive quarter. A separate report showed consumers were downbeat on the labour market and that most planned to reduce spending because of higher interest rates. (The Logic) 

Talking point: Inflation expectations continued to fall, a shift that will give the Bank of Canada comfort that it can continue to lower interest rates without reigniting price pressures. That’s important, because the overall story the joint surveys tell is one of an economy struggling with higher borrowing costs. Business investment intentions are weak, as executives said they have plenty of capacity but they face muted demand, and the cost of capital remains too high. About 36 per cent of respondents said the current interest-rate setting makes them worse off, despite three consecutive quarter-point cuts since June. It’s more evidence that governor Tiff Macklem may have to pick up the pace.