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

Submit letters to the editor through our website, via email or in writing.
LETTER: Candidate in provincial election impresses Langley resident

A local resident wanted to send a shout-out for a candidate’s simple gesture

A small tree topped with a bow was standing out front of the vacant lot where the Alder Inn used to stand. It will be replaced with a much larger one, thanks to Langley Township councillors Bob Long and Petrina Arnason, who convinced a majority to approve a 27-foot tall tree at the Monday, Nov. 30, 2020 council meeting (Shirley Sawatsky/Aldergrove Star files)
27-foot-tall Christmas tree approved for former Alder Inn site

Township council funds 27-foot tree on lot where Aldergrove hotel once stood

Jackman Manor COVID-19 outbreak is over, the provincial health officer announced on Tuesday, Dec. 1, 2020 (file)
Outbreak at Jackman manor in Langley declared over

More than 400 new cases reported in region

Mirandy Tracy, left, and Tara Kurtz are two Langley mothers who are organizing a "sick out" for Tuesday, Dec. 1 to protest COVID conditions in schools. They're calling for masks and smaller class sizes, among other things. (Matthew Claxton/Langley Advance Times)
Politician, labour leader throw support behind student Sick Out day

Langley parents started the movement to keep kids home on Dec. 1 as a protest

A family emerged with a purchase at the Tannenbaum Tree Farm at 5398 252 St in Aldergrove on Sunday, Nov. 29, 2020 (Dan Ferguson/Langley Advance Times)
Christmas tree season is off to an early start, Aldergrove family farm reports

People are ‘bored’ with staying home due to COVID-19 and want to decorate early, farm owner believes

A tongue-in-cheek message about wearing a face mask to curb the spread of COVID-19 on a sign outside a church near Royal Columbia Hospital, in New Westminster, B.C., on Sunday, Nov. 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C.’s COVID-19 infection count climbs back up to 656

20 more people in hospital, active cases still rising

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A heavy police presence was on scene on Dec. 28, 2017 following the shooting death on Bates Road in Abbotsford of Alexander Blanarou, 24, of Surrey. (Abbotsford News file photo)
Three men charged with Abbotsford shooting death of Surrey man

Alexander Blanarou, 24, was killed in a rural area on Dec. 28, 2017

THE CANADIAN PRESS/Nathan Denette
B.C. researchers launch study to test kids, young adults for COVID-19 antibodies

Kids and youth can often be asymptomatic carriers of the novel coronavirus

A convoy of seven pickup trucks, six of which were hauling boats, makes its way around the Chilliwack Law Courts on Dec. 1, 2020. (Jenna Hauck/ Chilliwack Progress)
First court date for Fraser River anglers ticketed during demonstration fishery

Convoy of trucks circled the courthouse in downtown Chilliwack Tuesday honking their support

A sign is seen this past summer outside the Yunesit’in Government office west of Williams Lake reminding visitors and members to stay safe amid the COVID-19 pandemic. (Rebecca Dyok photo)
B.C. First Nation leaders await privacy commissioner decision on COVID-19 information

Release of life-saving data cannot wait, says coalition of First Nations

MLA Jennifer Whiteside is B.C.’s new minister of education. She is speaking out against Chilliwack school trustee Barry Neufeld and asking him to resign. (Black Press)
New education minister calls on Chilliwack trustee to resign

Whiteside echoes former minister’s promise to look at options to remove Barry Neufeld

Most Read