Bank of Canada business outlook indicator rises to -0.33 in Q3

The headline improvement in the Bank of Canada's business outlook indicator matters less than the fact that it remains negative: sentiment is firming, but the share of firms still reporting deteriorating conditions continues to outweigh those seeing improvement. That distinction feeds directly into rate deliberations, since a sub-zero survey gauge gives policymakers little cover to treat the improvement as a turning point. The open question is whether the indicator keeps climbing toward zero in coming quarters or stalls at a level that keeps caution embedded in the Bank's rate path.