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

FILE – A COVID-19 vaccine being prepared. (Olivia Sullivan/Sound Publishing)
B.C. seniors 80 years and older to get COVID vaccine details over next 2 weeks: Henry

Province is expanding vaccine workforce as officials ramp up age-based rollout

The avalanche came down on the highway sometime Sunday evening (Feb. 21) (Dawson photo)
Road to Bella Coola wharf reopens after large avalanche

The road was closed after a large avalanche covered a significant portion of the highway

Jenni Mueller lives near the wharf on the other side of the avalanche. She took this photo and thinks the avalanche happened around 8 p.m. last night (February 21). (Jenni Mueller photo)
Avalanche closes road to wharf at Bella Coola

A day and night of heavy rain resulted in avalanches across the region

Fisheries and Oceans Canada released it's 2021 Pacific Herring Integrated Fisheries Management Plan Feb. 19. (File photo)
Northern herring opportunities kept to a minimum

2021 management plan caps Prince Rupert fishery at 5 per cent

Williams Lake First Nation government staff are anticipated to return to work Monday, Jan. 25. (Rebecca Dyok photo)
Court orders new hearing over Williams Lake First Nation’s century-old land dispute

A three-judge panel unanimously set aside a 2018 finding by the Specific Claims Tribunal

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

“Support your city” reads a piece of graffiti outside the Ministry of Finance office. (Jane Skrypnek/News Staff)
Slew of anti-bylaw graffiti ‘unacceptable’ says Victoria mayor, police

Downtown businesses, bylaw office and Ministry of Finance vandalized Wednesday morning

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

The late Michael Gregory, 57, is accused of sexually exploiting six junior high students between 1999 and 2005. (Pixabay)
Former Alberta teacher accused of sexually assaulting students found dead in B.C.

Mounties say Michael Gregory’s death has been deemed ‘non-suspicious’

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

According to a new poll, a majority of Canadians want to see illicit drugs decriminalized. (THE ASSOCIATED PRESS)
Majority of Canadians think it’s high time to decriminalize illicit drugs: poll

More than two-times the B.C. residents know someone who died from an overdose compared to rest of Canada

Photograph By @KAYLAXANDERSON
VIDEO: Lynx grabs lunch in Kamloops

A lynx surprises a group of ducks and picks one off for lunch

(Black Press Media file photo)
B.C. residents can reserve provincial camp sites starting March 8

B.C. residents get priority access to camping reservations in province

Most Read