Confidence among Canadian small and mid-sized business owners dipped slightly in June. CFIB's Business Barometer® index fell to 66.3, down 0.6 points since May.
The decline in the index can be attributed to insufficient domestic demand. And while concerns about energy costs have eased among SMEs, they remain the most common cost concern.
Provincially, business owners in the West and in Newfoundland and Labrador are generally more upbeat about their prospects for the year ahead compared to those in Central Canada and the Maritimes, but the differences narrowed slightly in June compared to the previous month.
The decline in confidence was broadly based across industries, with 11 of 13 categories lower than in May, suggesting the shift in mood is pervasive and not localized to any single sector or region. The most optimistic business owners are in financial services, wholesale trade and personal services. Those in business services and manufacturing are also slightly more positive than the norm, while the hospitality and agriculture sectors continue to be the least optimistic.
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