COVID Increase Weakens Small Business Confidence

Small business confidence dropped in October as the COVID-19 curve tracked upward, says the Canadian Federation of Independent Business in its latest business barometer. It fell six points in October to land at a five-month low of 53.3. The organization says business confidence is the lowest in Quebec at 42.2, while entrepreneurs in Nova Scotia were the most upbeat with a reading of 63.1. The results suggest that after a rebound in economic activity and optimism over the summer months, the new wave of the pandemic has weakened business confidence. The index of 53.3 reported this month means businesses expect to be in about the same shape in a year, a result that is negative for entrepreneurs hoping to grow their businesses.