TORONTO, Nov. 4 /CNW/ - Small business confidence experienced a small set-back during the month of October, but remains positive when mapped against GDP growth. According to the latest business confidence survey findings from the Canadian Federation of Independent Business (CFIB), the Business Barometer(R) index dropped from 68.7 in September to 67.0.
CFIB's vice-president of research and chief economist, Ted Mallett, says that October's decrease is almost entirely the result of a decline in expectations among manufacturers and businesses in the personal services sectors, primarily those in Ontario and Quebec. "The rapid rise in the Canadian dollar relative to the greenback would likely explain the impact on export-oriented segments of the economy", he added.
According to Mallett, rises in optimism are proceeding apace elsewhere. Businesses in Alberta and New Brunswick are leading the country at 71.7, followed by Nova Scotia, British Columbia and Newfoundland and Labrador at between 68.0 and 68.5.
This index is available provincially and by industry. Results and the full report are available at: http://www.cfib-fcei.ca/english/barometer
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 October 2009 findings are based on 1,062 responses, collected from a stratified random sample of CFIB members, to a controlled-access web survey. Data are statistically accurate to +/- 3.0 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
For further information: For further information: or to arrange an interview with Ted Mallett, contact Meghan Carrington or Adam Miller at (416) 222-8022