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Small business confidence has dropped slightly, survey says

By CO Staff @canadaone |

While most small businesses remain confident that their business will grow over the next six month, an index developed in 2009 to measure the performance of Canadian small businesses fell slightly in August, dropping two points to 64 per cent.

Forty two per cent of businesses who participated in the survey reported a drop in business over the summer and 31 per cent said they are worried their future financial position will get worse.

Twenty four per cent of respondents said they are concerned that their business may contract or that they may face bankruptcy in the coming six months.

"There has been much talk in the news about a double-dip recession, and at first glance the drop in the index and its components seem to support that theory," Nielsen said. "But none of the individual movements are large enough to cause grave concern, particularly given that business typically slows somewhat over the summer. The next quarter, which will measure conditions in the lead up to the holidays, should be telling."

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