Canada's small business long-term confidence has seen its second consecutive small uptick in January 2023, while the short-term optimism has soared a significant 7 points.
Provincial Outlook
The provincial outlook over the long term is mixed. Quebec and three of the four Atlantic provinces are all below 50, while BC is the only Western province under 50. The remaining five provinces are above 50 – PEI is the only Eastern province and leads the country in optimism (58.6); Ontario is close to the average (51.1) and the other three are displaying rather healthy levels (Alberta, Saskatchewan, and Manitoba).
General business indicators
Full-time staffing plans are muted for the short term, with equal shares of entrepreneurs looking to hire and to lay off. About 51% of firms are planning on making short-term capital investments.
Price and wage plans
Average future price increasing plans decreased to 3.6; while average wage plans remained stable at 3.0. Both readings are still high by historical norms but are trending on an encouraging downward path.
This is an excerpt from the CFIB’s report.