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Oct 3, 2022

Small Business Confidence Steady But Muted

Small business confidence remained steady, but muted in September, says a Canadian Federation of Independent Business (CFIB) ‘Business Barometer.’ The 12-month outlook dipped one point to 52.5, while the short-term optimism sits at 49.5 index points. Overall, 38 per cent of businesses say they're in a good shape, while 18 per cent say they're in a bad shape. Average price plans continue their downward trend, with businesses expecting to increase prices by an average of four per cent, while wage plans have remained at 3.1 per cent. Full-time hiring plans are muted, with only 18 per cent of businesses looking to hire in the next three months and 19 per cent planning to lay off. Skilled labour and input shortages continue to limit business growth for 51 per cent and 27 per cent of small businesses, respectively. Additionally, fuel and energy costs (67 per cent), wage costs (60 per cent) and insurance costs (54 per cent) were the top cost constraints for small businesses in September.

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