Small business confidence stronger in February

After a lacklustre November and December, Canadian entrepreneurs are feeling more optimistic in early 2013, according to the Canadian Federation of Independent Business (CFIB). The Business Barometer index continued January’s upward trend by rising another half a point to 66.2 in February.

Measured on a scale of 0 and 100, an index level above 50 means owners expecting their businesses’ performance to be stronger in the next year outnumber those expecting weaker performance.

Small business owners in Alberta (71.0) remain the most optimistic in Canada, although Saskatchewan (69.8) and Newfoundland and Labrador (67.0) are not far behind. Ontario (65.3), Nova Scotia (65.3), British Columbia (64.9), Quebec (64.6), Manitoba (63.4), and New Brunswick (62.2) are all slightly below the national average. Prince Edward Island (54.1) saw a noticeable decline in business confidence.

Full-time hiring plans are far better than seasonal norms, with 26% of businesses expecting to hire additional staff in the next few months, and only 6% planning to cut back.

According to past results, index levels normally range between 65 and 70 when the economy is growing at its potential.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.