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

The public is being asked to use caution when doing backyard burning in the Cariboo Fire Centre. (File photo)
Caution urged with outdoor burning says Cariboo Fire Centre

Anyone conducting burning must ensure adequate resources are on hand to stop fire from spreading

Janda Group Holdings Inc. has finalized its design for its residential unit project on the second floor of the Boitanio Mall in Williams Lake. (Janda Group Holdings Inc. image)
Boitanio Mall housing development revised design accepted by Williams Lake city council

Janda Group Holdings Inc. is planning for 82 residential units at the site

FILE — In this March 31, 2021 file photo, a nurse fills a syringe with a dose of the Johnson & Johnson’s one-dose COVID-19 vaccine at the Vaxmobile, at the Uniondale Hempstead Senior Center, in Uniondale, N.Y. The U.S. is recommending a “pause” in administration of the single-dose Johnson & Johnson COVID-19 vaccine to investigate reports of potentially dangerous blood clots. In a joint statement Tuesday, the Centers for Disease Control and Prevention and the Food and Drug Administration said it was investigating clots in six women in the days after vaccination, in combination with reduced platelet counts. (AP Photo/Mary Altaffer, File)
72 new COVID-19 cases in Interior Health

This brings the total number of cases in the region to 9,666 since the pandemic began

Photo collage of loved ones lost to substance use and overdose. (Photo courtesy Moms Stop The Harm)
B.C. overdose deaths still rising 5 years after public health emergency declared

Moms Stop the Harm calls on B.C. to provide safe supply in response to deadly illicit drug use

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 sign is displayed in front of Health Canada headquarters in Ottawa. (Sean Kilpatrick/The Canadian Press)
Health Canada releases guidelines for reducing COVID-19 transmission at home

Improve indoor air quality by opening up your windows and doors, among other ventilation measures

Flow Academy is not accepting membership applications from anybody who has received a dose of the vaccine, according to a password-protected membership application form. (Submitted image)
B.C. martial arts gym refusing patrons who have been vaccinated, wear masks

Interior Health has already issued a ticket to Flow Academy for non-compliance with public health orders

Two men walk past a sign on Main Street in downtown Vancouver, B.C., Monday, April 5, 2021. THE CANADIAN PRESS/Jonathan Hayward
Calls for government transparency in COVID data continue as B.C.’s 3rd wave wears on

Social media, where both information and misinformation can spread like wildfire, has not helped

The music video for “Green and Blue” featured a Willington Care Centre in Burnaby as well as some of the volunteers and employees. (Screenshot/Todd Richard)
‘Green and Blue’: B.C. country musician releases tribute song for front-line workers

Richard’s new single has been viewed more than 3,000 times on his YouTube channel

An unidentified B.C. man said, in a human rights complaint, that he was refused a contract job after refusing to wear a mask when asked to by an on-site manager. (Unsplash)
Religious B.C. man lodges human rights complaint after fired for refusing to wear a mask

Worker’s claim that ‘to cover up our face infringes on our God-given ability to breathe’ dismissed by B.C. Human Rights Tribunal

This 2013 Dodge Ram 1500 was stolen from Black Creek Motors at approximately 2 a.m. Sunday, April 11. Photos via blackcreekmotors.com
VIDEO: B.C. car dealer posts clip of thieves towing a truck right off his lot

Video shows one white truck towing another off Vancouver Island lot

FILE – People hold signs during a memorial march to remember victims of overdose deaths in Vancouver on Saturday, August 15, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. to request federal exemption for simple drug possession

Announcement comes on 5-year anniversary of B.C.’s first public health emergency

Most Read