The Canadian Federation of independent Business says small business confidence is at a historic low. After a 10 point drop earlier this month, the latest Business Barometer is down to an index mark of 30.8, In February, it was at 60.5. An index above 50 means owners expecting their business performance to be stronger in the next year, outnumber those expecting weaker performance. An index of between 65 and 70 would indicate the economy is growing at its potential. Saskatchewan’s index is at 28.3.
CFIB’s chief economist, Ted Mallett says, “March 2020 has turned out to be a month like no other in Canada’s Economic history.” CFIB normally releases the results of its Barometer monthly but, because of the rapidly evolving economic conditions impacted by COVID-19, the organization is increasing the frequency of its Barometer survey.