Small business confidence climbs in August

Small business confidence continued to increase in August, according to the Canadian Federation of Independent Business (CFIB). The Business Barometer index rose 1.7 points to 65.9, its highest mark since February.

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“Once again, increased confidence among Ontario entrepreneurs has powered the national average, although the Index numbers are up in seven of the ten provinces,” said Ted Mallett, CFIB’s chief economist and vice-president. “So far, the summer is shaping up to be considerably better than the spring for small business owners.”

Entrepreneurs in Saskatchewan (70.7) are the most optimistic in Canada, with Newfoundland and Labrador (70.4) a close second, followed by Alberta (69.5), Ontario (67.8) and British Columbia (66.3). Quebec (59.0), New Brunswick (58.5), Nova Scotia (58.0), and Manitoba (57.6) are below the national average, while Prince Edward Island (50.0) is at the back of the pack.

“August has been a pretty good month for businesses engaged in agriculture, manufacturing, retail, professional services and hospitality,” added Mallett. “On the other hand, we’re seeing uneven or weak outlooks for construction and transportation.”

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.