Canada’s small businesses are showing increasing signs of concern as the labour market continues to cool, according to the latest Canadian Federation of Independent Business (CFIB) Monthly Business Barometer.
In September, only 12 per cent of small and medium-sized enterprises (SMEs) indicated plans to hire in the near future, reflecting a notable slowdown. These businesses make up over 99 per cent of Canada’s private sector employers and 38 per cent of its workforce.
The survey, which gathered responses from 630 CFIB members between September 3 and 16, reveals that shortages in skilled labour (40 per cent) and un/semi-skilled labour (16 per cent) have reached their lowest levels in more than two years. Additionally, the planned increases in wages and prices have dropped to an average of 2.3 per cent, also the lowest point seen in over two years.
