July 8, 2009, Toronto – The Canadian
economy gave up some ground in June, according to the latest business
confidence survey findings from the Canadian Federation of Independent Business
(CFIB).
The Business Barometer index fell to 58.5 last
month, almost two points below its May level. After hopeful signs earlier in
the spring, the setback suggests that GDP growth has not yet returned to
positive territory and that economic recovery is not yet taking hold.
"From these results, most small
businesses appear to be remaining in defensive mode," explains Ted
Mallett, CFIB's vice-president of research and chief economist. Looking ahead
to expected performance in the next three or four months, the balance of
opinion barely covers the break-even mark."
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