Canadian Small Businesses See Further Layoffs!
63More Layoffs Are Coming
Further details from the survey show businesses expect things to get worse. Only 5% see adding full-time staff in the next 3 months, and less than one-tenth say their business is in a good state. To contrast, 63% of businesses say they have to cut full-time staff, and 58% say their business is in a bad state.
Government incentives improved the outlook, but reality is setting in. Ted Mallett, CFIB’s chief economist noted, “even more business owners are planning to lay off staff in the next three months than when we surveyed them two weeks ago.” Incentives like wage subsidies have relieved some of the pressure, but it’s near impossible to mitigate all of the issues that cropped up.
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