CFIB survey shows rebound from July slump
Canada’s small business owners regained some of their confidence in August following a slump in the previous month.
The Canadian Federation of Independent Business says that its Business Barometer gained 4.8 points in August to a reading of 61.6 and 44% of business owners said their business is in good shape compared to just 10% who said it wasn’t.
“It seems businesses across most of the country are breathing a bit easier this month,” said Ted Mallett, CFIB’s vice president and chief economist. “Even markets that have been lagging since the resource price crunch of 2015 and 2016, like Saskatchewan and Newfoundland & Labrador, are feeling more optimistic.”
However, confidence slipped in BC and Alberta.
Full-time employment plans remained the same as last month’s, with 17% of owners expecting to add staff compared to 12% who plan to cut back in the next three or four months.
The industries posting the largest gains in confidence were retail and natural resources but financial services, transportation, and construction, saw the biggest losses.
Health services and professional services were the most optimistic industries, whereas agriculture and natural resources were the least optimistic.
