Business confidence hits five-year high: CFID
TORONTO: Business confidence among Canada’s small and medium-sized enterprises (SMEs) continues to build on this year’s economic momentum, says the Canadian Federation of Independent Business (CFIB).
Its Business Barometer index, based on more than a 1,000 responses from CFIB members, rose to 69.9 in March, the highest level in half a decade.
Ted Mallett, CFIB’s vice-president of research and chief economist, said this level of optimism is consistent with a healthy, sustained economic growth rate of about 4%, which suggests Canada’s strong economic rebound to date will continue.
“In a truly rare development, business confidence is highest in the retail sector (72.9), followed closely by wholesale (72.5), suggesting that the consumer economy is powering forward and being spurred by low interest rates,” said Mallett. “Manufacturers (71.8) are in positive stead despite a spirited loonie, and the rebound of confidence in the natural resources sector will be music to the ears of western economies.”
The index is available provincially and by industry. Click here for the full report.