Canadian economy has ‘limited power,’ as small business confidence drops to lowest level since April 2009

This is a major concern for the Canadian economy. Small businesses do most of the hiring in Canada and are vital for our competitiveness globally. This will surely become a major election issue.

Financial Post

OTTAWA — The mood of small business operators has deteriorated to a post-recession low in Canada, and though it has been concentrated in the centre, there are signs the malaise is spreading farther across the country.

In fact, confidence in the economy is at its lowest level since April 2009, when Canada was still shaking off the effects of the global economic downturn, according to a monthly survey by the Canadian Federation of Independent Business, released Thursday.

It’s also the first time in the past six years that the CFIB’s Business Barometer — a key indicator of economic health that is closely watched by government policymakers — has fallen below the zero-growth mark for gross domestic product, or the 59.8 level.

For July, the reading was 58.2, down 1.2 points from the previous month, a sign of growing pessimism over Canada’s ability to growth over the next few months.


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