A sign on a shop window indicates the store is closed in Ottawa on March 23, 2020. THE CANADIAN PRESS/Adrian Wyld

A sign on a shop window indicates the store is closed in Ottawa on March 23, 2020. THE CANADIAN PRESS/Adrian Wyld

Canadian small business confidence drops in October as COVID-19 cases rise

The decline in business sentiment is broad based as the jump in COVID-19 cases threatens the small business sector

A new report says small business confidence dropped in October as the COVID-19 curve tracked upward.

The Canadian Federation of Independent Business says its latest business barometer, which measures the outlook of Canadian entrepreneurs, fell six points in October to land at a five-month low of 53.3.

The organization says business confidence is the lowest in Quebec at 42.2, while entrepreneurs in Nova Scotia were the most upbeat with a reading of 63.1.

The results suggest that after a rebound in economic activity and optimism over the summer months, the new wave of the pandemic has weakened business confidence.

CFIB chief economist Ted Mallett says the decline in business sentiment is broad based as the jump in COVID-19 cases threatens the small business sector.

But he says businesses in the hospitality and personal services sectors appear to be most concerned with the impact of renewed restrictions.

In preparing its monthly business barometer, the CFIB asks small businesses across Canada how they expect to be performing a year from now. The results are used to create an index, with the highest possible result of 100 indicating all businesses expects their business to be in better shape in 12 months, while zero means all businesses think they’ll be in worse shape.

The index of 53.3 reported this month means businesses expect to be in about the same shape in a year, a result Mallett says is negative for entrepreneurs hoping to grow their businesses.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Some older Canadian currency will have its legal status removed at the start of the new year(. (Photo courtesy of Pixabay.com)
Bank of Canada puts the boots to old bills

$1 and $2, $25 to $500 and $1,000 lose cash value Jan. 1, 2021

Grade 3 student Nate Twaddle, who uses a walker for a rare neurological condition, has been zooming along a new accessible walkway since it was installed in early October at Willway Elementary in Langford. (Aaron Guillen/News Staff)
Langford mother thankful for accessible walkway that helps son connect with peers

Rare neurological condition means Grade 3 student uses wheelchair, walker to play

The realignment of Highway 14 between Connie and Glinz Lake roads in Sooke will take more than a year to complete. (File - Sooke News Mirror)
The realignment of Highway 14 between Connie and Glinz Lake roads in Sooke will take more than a year to complete. (Kevin Laird - Sooke News Mirror)
Patience requested from drivers as work begins on realignment of Highway 14 in Sooke

Construction between Connie and Glinz Lake roads expected to take 1½ years

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry update the COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. sets another COVID-19 record with 887 new cases

Another 13 deaths, ties the highest three days ago

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Nov. 24

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Police in Nanaimo are looking for a suspect who wore a black-and-white striped hoodie and rode a yellow mountain bike when he allegedly stole three children’s backpacks from a daycare facility. (Photo submitted)
VIDEO: Thief steals children’s backpacks from daycare in Nanaimo

Suspect rode a yellow mountain bike and made off with backpacks hanging on fence

Arthur Topham has been sentenced to one month of house arrest and three years of probation after breaching the terms of his probation. Topham was convicted of promoting hate against Jewish people in 2015. (Photo submitted)
Quesnel man convicted for anti-Semitic website sentenced to house arrest for probation breach

Arthur Topham was convicted of breaching probation following his 2017 sentence for promoting hatred

Langley School District's board office. (Langley Advance Times files)
‘Sick Out’ aims to pressure B.C. schools over masks, class sizes

Parents from Langley and Surrey are worried about COVID safety in classrooms

The Klahoose First Nation village on Cortes Island is under lockdown until further notice due to a positive COVID-19 test. Photo courtesy Kevin Peacey.
Cortes Island First Nation community locked down due to positive COVID-19 test

Klahoose First Nation has had one positive test, one other potential case

Ladysmith’s 1st Avenue will be lit up until January 15. (Cole Schisler photo)
Light Up parade a no-go, but Ladysmith’s streets are still all aglow

Although the tradition Light Up this year was cancelled, folks can still enjoy the holiday lights

The baby boy born to Gillian and Dave McIntosh of Abbotsford was released from hospital on Wednesday (Nov. 25) while Gillian continues to fight for her life after being diagnosed with COVID-19.
B.C. mom with COVID-19 still fighting for life while newborn baby now at home

Son was delivered Nov. 10 while Gillian McIntosh was in an induced coma

Most Read