Canada: Confidence falls among Canadian SMEs

A new CIBC Capital Markets report has found that business confidence is flagging among Canadian SMEs on the back of rising interest rates, a strong Canadian dollar, and an increase in minimum wages. The fall in confidence is reflected in weaker hiring momentum, with SMEs contribution to Canadian employment falling relative to larger businesses.

"The fall in confidence is reflected in weaker hiring momentum, with
SMEs contribution to Canadian employment falling relative to larger businesses."

According to CIBC Deputy Chief Economist and report author Benjamin Tal, “over the past two years the pace of job creation by SMEs was half of that seen among large corporations”. However, despite the more challenging conditions, there has been no change in the downward trend in the exit rate and, despite a fall in new entrants, the number of SMEs in Canada continues to climb.

Upcoming Events
14
Sep
21
Building a Better (Digital) Banking Experience
London, England, United Kingdom
16
Sep
21
Building a Better (Digital) Banking Experience
Singapore, Riverview, Singapore
21
Sep
21
APAC Webinar: Satisfying the banking APPetite
London, England, United Kingdom
21
Sep
21
UK Webinar: Satisfying the banking APPetite
London, England, United Kingdom
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance