The Canadian Federation of Independent Business says the general state of business is on the upswing, that according to a recent survey of members this month.
According to 54 per cent, labour shortages were the biggest factor limiting business growth in May, while fuel and energy prices continued to be the major cost constraint as reported by 76 per cent of businesses.
Forty-three per cent of businesses reported being in a good state.
Almost all provinces were more optimistic over the short-term, except Ontario where businesses saw the biggest decrease, and Quebec.
“It’s encouraging to see more businesses being in good health after the last two years of uncertainty. However, some businesses still have a long way to go, with certain sectors, such as retail and agriculture, feeling particularly less optimistic about the future,” said Andreea Bourgeois, Director of Economics at CFIB.
Small business confidence over the long and short terms has dropped slightly in May, according to the latest Canadian Federation of Independent Business (CFIB) Business Barometer. The 12-month outlook dropped by three index points to 61.6, while the three-month optimism index fell to 58.8, a loss of two points since April.
Full-time staffing plans are positive, with 30 per cent of businesses planning to hire in the next three months.
May findings are based on 708 responses from a random online sample of CFIB members. Responses were received from May 3 to 13.
