Canadian manufacturers and exporters are growing increasingly pessimistic about their future, according to a new business conditions Canadian Manufacturers and Exporters association survey.
About 56% of more than 620 survey respondents across the country expect the value of new orders to fall over the next three months. That's up from 43% in January.
B.C. manufacturers and exporters faced one of the worst declines in new orders with 21% saying orders have dropped more than 30%.
Forty-five percent of the companies surveyed said their employment levels are likely to fall over the next few months, up from 42% in January.
Jayson Myers, CME president, said the survey suggests the worst is yet to come as a growing number of manufacturers feel the full brunt of the recession.
According to the survey, access to credit continues to be a major roadblock to company growth: 60% of respondents said they continue to have difficulty accessing credit such as extended lines of credit and financing for new technologies and product development.