The small business confidence index in Newfoundland and Labrador is up for the second consecutive month, according to results released by the Canadian Federation of Independent Business (CFIB).
The latest survey shows the confidence index at 63.2 in July, compared to 60.8 per cent in June 2015.
“The increase in July is the second in as many months,” says Vaughn Hammond, director of provincial affairs in Newfoundland and Labrador for CFIB. “It seems, at this point, CFIB members are beginning to adapt to the impacts of relatively low oil prices and are becoming less concerned as a result.”
Sixteen per cent of small business owners intend to add full-time staff in the next three months, while four per cent of businesses expect to cut back on employees.
In terms of their view about the general state of the economy, 55 per cent of entrepreneurs characterized it as “good” in July and five per cent described it as “bad.”
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