The Canadian Federation of Independent Business says small business optimism took a nosedive in Saskatchewan this month, dropping 17 points below the national average.
Optimism here registers an index of 49.1. The national average is 66. That is the third consecutive monthly decline in this province. Vice-President Prairie and Agri-business, Marilyn Braun-Pollon says, it is also concerning to see that employer's layoff plans remain at a record high. 21 per cent of owners are looking to decrease full-time employment over the next three months. Only 14 per cent are looking to hire. She says, "It is evident that entrepreneurs are continuing to feel the negative impact of the $908 million in tax hikes announced in the 2017 provincial budget and recent property tax increases introduced in many municipalities."
Based on past results, an index level above 50 generally means owners expecting their business performance to be stronger in the next year outnumber those expecting weaker performance. The level normally ranges between 65 and 70 when the economy is growing at its potential.