Canadian business confidence endures

By Staff | April 5, 2013 | Last updated on April 5, 2013
1 min read

Canada’s employment numbers dropped in March, but businesses owners are still optimistic, says the latest BMO Small Business Confidence Report.

While the jobless rose to 7.2%, employment is still up 1.2% from levels a year ago, adds the report.

Read: Small business confidence stronger in February

“March saw big gains in more than half the industry groups, although manufacturing, hotels and restaurants, and public administration saw losses,” says Doug Porter, chief economist of BMO Capital Markets.

“We [also] experienced a positive shift in the number of Canadians becoming entrepreneurs. These individuals remain upbeat and are confident in their skill sets.”

Read: Help small businesses through big issues

Due to this, more than half (52%) expect 2013 to be a better year for their business and 45% anticipate their business growth. Also, more than one-quarter (28%) plan to invest more in their business this year.

“Businesses across the country continue to perform well,” Steve Murphy, senior vice president of Commercial Banking at BMO Bank of Montreal.

However, it’s important businesses remain adaptable to change and look for ways to grow beyond our borders. The U.S. economy is showing strong signs for growth this year, providing positive implications for Canadian businesses looking south.”

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