Business Confidence Dips In New Brunswick
MONCTON–According to the Canadian Federation of Independent Business, optimism amongst New Brunswick’s small business community dipped in September.
CFIB’s Business Barometer Index for the province dropped to 59.2, a decline of four points. This puts New Brunswick in line with the national average.
The survey found that 12 per cent of provincial businesses are planning to hire new staff while 13 per cent are anticipating layoffs. Only 44 per cent of those surveyed say their businesses are performing well.
“Over the previous six months the number of owners reporting that their business was in good health grew steadily in the province. However, this month the trend changed direction,” said CFIB’s Louis-Philippe Gauthier, in a statement.
“Businesses are reporting softer domestic demand and the hiring/firing intentions are at a standstill.”
Business confidence in New Brunswick now lags behind neighbouring PEI and Nova Scotia.
The least optimistic business communities in Canada are found in the once oil-rich provinces of Newfoundland and Labrador and Alberta.
An index level above 50 means more than half of those surveyed expect their business’ performance to be stronger in the next year. CFIB says an index level of between 65 and 70 means the economy is growing at its potential.