The Canadian Federation of Independent Business (CFIB) announced that Canadian small and mid-sized business confidence rose throughout July. The CFIB Business Barometer Index rose two points to 68.3, a level it has held earlier in the year. The CFIB concluded that Canadian business owners must not be expecting any backlash from debt concerns in the US and Europe.
Leading the pack in confidence are the central provinces where prospects seem to have brightened. The most optimistic businesses reside in Alberta, the only province with an index score over 70. On the lower end of the index were Prince Edward Island and Nova Scotia businesses, coming in at the low 60s.
When asked about the general state of business, most business owners say they’re satisfied resulting in 41 per cent answering that it’s “good” and only 13 per cent saying it is “bad.” Even better for Canadian employment levels, 18 per cent of businesses say they plan to add to their full time staff within the next three to four months compared to only 10 per cent who believe they will cut back.
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July 2011’s results are based upon 931 responses, collected from a random sample of CFIB members via online web survey. 19 times out of 20 outcomes are statistically accurate within +/- 3.2 per cent.
The Business Barometer Index measures on a scale between 0-100. Any conclusion above 50 means Canadian business owners expect enterprise performance to strengthen in the next year. Previous results have shown that when index levels range between 65 and 75, it means the economy is growing.