According to recent research conducted by the Canadian Federation of Independent Business, optimism among small and medium-sized businesses dropped again in July, with their Business Barometer falling more than a point to 60.9.
The Business Barometer index in Ontario is slightly lower than than the national number, coming in at 60.1 in July. The decrease in SMB optimism could result in businesses looking for lower Toronto storage prices to keep their extra materials and supplies safe for cheap.
Small business optimism has been trending up in recent years, and this lack of of confidence is a cause for concern, said Ted Mallett, chief economist and vice president for the CFIB. "The index's current position against GDP puts it very close to the zero-growth mark, suggesting Canada's economy is nearing a standstill." he added
Despite the bad news in optimism from small business owners in Canada, the research also found 20 percent of small business owners are expecting to hire new employees in the upcoming year, while 42 percent of respondents said their firm is in "good" shape.
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