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REPEAT-U.S. Presidential Election-BMO Poll of Canadian

REPEAT-U.S. Presidential Election-BMO Poll of Canadian Business
Owners Reveals If "The Vote" Will Affect The Economy 
TORONTO, ONTARIO -- (Marketwire) -- 11/01/12 -- With the U.S.
Presidential Election coming down to the wire, BMO Bank of Montreal
today released the results of a poll of business owners showing
one-third (32 per cent) believe the U.S. economy will pick up after
next week's vote and 27 per cent don't believe the American economy
will improve after November 6th.  
"Canada's outlook still depends quite heavily on the fate of the U.S.
economy, with more than 70 per cent 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 per cent ten
years ago, no other economy comes close to the U.S. weight in our
trade flows." 
Mr. Porter noted that while the U.S. economy continues to face
important challenges, BMO Economics is predicting growth there to be
2.2 per cent, and just over that threshold in 2013.  
"Without question, the overall health of the U.S. economy has a
direct impact on the growth plans and performance of a significant
number of Canadian businesses. What this also survey shows is that
while it is still a very important issue, it is not the most pressing
concern for businesses," said Steve Murphy, Senior Vice President,
Commercial Banking, BMO Bank of Montreal.  
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 6th (cited by only 7 per cent of businesses),
down from being the biggest challenge cited when asked the same
question last year(25 per cent). The greatest challenges cited
include: 


 
--  Reduced consumer spending - 22 per cent 
--  Energy costs - 16 per cent 
--  Labour costs - 16 per cent 
--  Increased raw material costs - 11 per cent 
--  Global economic challenges - 9 per cent 
--  Performance of the U.S. economy - 7 per cent 

 
About BMO Financial Group  
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly diversified North American financial services organization.
With total assets of $542 billion as at July 31, 2012, and more than
46,000 employees, BMO Financial Group provides a broad range of
retail banking, wealth management and investment banking products and
solutions.
Contacts:
Media Contacts:
Paul Cunliffe, Toronto
(416) 867-3996
paul.cunliffe@bmo.com 
Valerie Doucet, Montreal
(514) 877-8224
valerie.doucet@bmo.com 
Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com 
Internet: www.bmo.com
Twitter: @BMOmedia
 
 
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