November 2022 Business Barometer - Canadian Federation of Independent Business (CFIB)

Canada's small business confidence is on a downwards trend for the third consecutive month.

CFIB’s Business Barometer® short-term index, based on 3-month forward expectations for business performance, dropped another two points to 43.8. The long-term optimism index, which is based on a 12-month outlook, reached 50.0 —indicating that there are equal numbers of entrepreneurs feeling optimistic or pessimistic about the future. An index below 50 shows that there are fewer business owners feeling confident than feeling negatively about the next months.

Provincial Outlook

The provincial outlook over the short term is also trending down and mostly negative. While Saskatchewan, and Newfoundland and Labrador are leading the country and are registering levels of above 50 or just about, the remaining eight provinces are all below 50. Ontario is the least optimistic with a confidence level of 42.8.

Long-term outlook is more optimistic with PEI leading with an index of 60.9. All other provinces range above 50 except Ontario (49.7) and NL (42.3) which are rather pessimistic over the next 12 months.

This is an excerpt from the CFIB’s report.