TORONTO, July 7 /CNW/ - Following a modest increase in May, optimism among Canada's small- and medium-sized business owners dipped slightly in June. According to the latest business confidence survey findings from the Canadian Federation of Independent Business (CFIB), the Business Barometer(R) index finished the month at 66.4, down about a point from May's 67.3 level.
"This latest reading is at the lower end of the average over the last ten months, and suggests that economic output is growing only at a modest 2.5 per cent clip," explained CFIB vice-president and chief economist, Ted Mallett, adding that "with interest rate increases on the map, business owners are not overextending themselves."
Looking at the results by region, optimism seems to bookend the country, with British Columbia and Newfoundland & Labrador leading the way with index scores of 72.1 and 70.7, respectively. Ontario business owners had a slight improvement in confidence last month, while those in Quebec dropped back. Along with Quebec, only Manitoba and Nova Scotia business owners had optimism below the national average.
This index is available provincially and by industry. Results and the full report are available at: http://www.cfib-fcei.ca/english/barometer and www.cfib-fcei.ca/cfib-documents/Canada-BarometerHistory.xls
Measured on a scale between 0 and 100, an index level above 50 means owners expecting their businesses' performance to be stronger in the next year outnumber those expecting weaker performance. According to past results, index levels normally range between 65 and 75 when the economy is growing. The June 2010 findings are based on 1,011 responses, collected from a stratified random sample of CFIB members, to a controlled-access web survey. Findings are statistically accurate to +/- 3.1 per cent 19 times in 20.
Business Barometer is a monthly publication of the Canadian Federation of Independent Business and is a registered trademark.
SOURCE Canadian Federation of Independent Business
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