According to the latest Canadian Federation of Independent Business (CFIB) survey data, small-business confidence was little changed in November.
The Business Barometer index was 63.7; October’s was 63.6.
Ted Mallett, vice-president and chief economist for CFIB, said, “This level is still lower than normal. The index has recovered 2.0 of the 6.6 points lost in August when the Euro currency and U.S. fiscal policy crises hit world financial markets, suggesting the Canadian economy is performing at a slower pace, but has not dipped into recession.”
Retailers are almost a point above the national average, and the hospitality sector seems to have broken out of its two-year slump, suggesting a reasonably good shopping season.
However, the CFIB’s survey showed the outlook among manufacturing, construction and transport businesses remains weak.
“Although we have been seeing generally positive trends, November inventory levels, overtime hours and accounts receivable measures all stepped back slightly from October levels,” said Mallett.
Provincially, business owners in B.C. registered above-average index scores.
Measured on a scale between zero and 100, an index level above 50 means owners who expect their businesses’ performance to be stronger in the next year outnumber those who expect weaker performance.
According to past results, index levels normally range between 65 and 75 when the economy is growing.
Jennifer Harrison
@JHarrisonBIV