The Financial Post reports in its Tuesday, Oct. 21, edition that more firms are preparing for a recession, as reported in a Bank of Canada survey from the third quarter. The Post's Jordan Gowling writes that this will likely make them hesitant to invest in hiring or growth. The BOC's Business Outlook Survey, conducted with 100 firms from Aug. 7 to Sept. 3, indicates that business sentiment remains subdued, though it has improved from earlier worst-case expectations. Companies anticipate weak sales due to U.S. tariffs, with the percentage of firms bracing for an economic downturn rising from 28 per cent to 33 per cent. Consumers are also anticipating a recession this year, with two-thirds expecting a downturn in the next 12 months, according to the Canadian Survey of Consumer Expectations, also released on Monday. Consumer spending intentions on durables such as furniture and appliances and other discretionary spending items such as restaurant meals and vacations remain low and unchanged from the second quarter of this year. The survey also revealed the results of special consultations with firms in the steel and aluminum industries, with these reporting that U.S. tariff increases are leading to "significant layoffs."