CFIB Business Barometer Heads Back Up For May

It looks like Canadian small business owners believe they’re back on solid footing once again in terms of their firms and the economy.  After a slight dip in April, the Canadian Federation of Independent Business’s Business Barometer shows that business owners were feeling more confident in May.

A report from the organization explained, "CFIB’s Business Barometer index posted a reading of 67.3 – about a point above its previous level, and in line with its average since the late summer of 2009.  This level of optimism signals that the economy is growing at a subdued, but sustainable annualized rate of about 3 per cent."

And indeed, as we’ve discussed before, a reading of 50.0 would represent the break-even point between optimism and pessimism, so 67.3 isn’t bad at all.

Anyway, the CFIB found that people in charge of small- and mid-sized retail operations were the most optimistic business owners, followed by folks in mining, oil and gas.  The least hopeful business owners were those dealing in agriculture, construction, and hospitality.

Let’s hope the Business Barometer stays at this level or even rises some more so that additional companies begin to benefit from the economic recovery.