New business openings in the second quarter of 2022 were down almost 50 per cent compared with a year ago as economic pressures rise.
The sharp pullback in openings, which is also down by almost 49 per cent compared to the same quarter in 2019, marks a shift from the sense of optimism last year among consumers and business owners as vaccines were rolled out and restrictions eased, said Jeff Brown, Equifax’s head of commercial solutions.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.
Brown said the lack of openings this year come as small businesses, which make up the bulk of new openings, struggle with inflation, decreased consumer spending, increased debt from pandemic loans, and supply chain problems.Business openings are a sign of economic optimism, and so a drop in openings is a sign of the opposite, a sense of pessimism about what’s to come, said Alexander. Like many market watchers, he believes that Canada’s economy is headed for a recession.
“Whether you’re an existing small business, or you are an entrepreneur thinking about starting a small business, this is an incredibly difficult time,” said Kelly.Existing small businesses are also still dealing with the COVID-19 hangover, with fewer than half back to normal sales and many struggling with extra debt, said Kelly.Article content
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See the Looks From Cos' Fall-Winter 2022 Show at New York Fashion Week | Elle CanadaBeloved London-based fashion brand COSs took over the Manhattan skyline for a special runway presentation this Fall-Winter 2022-2023 show.
Read more »
Charlottetown Islanders to feature many new faces for 2022-23 QMJHL season | SaltWireThe Charlottetown Islanders will open the 2022-23 Quebec Major Junior Hockey League (QMJHL) regular season with a new-look lineup. The Islanders, who just ...
Read more »
VIFF 2022: Composer Jesse Zubot talks about scoring Bones of Crows by director Marie ClementsComposer Jesse Zubot is a JUNO\u002Dwinning musician who scored the striking film about residential schools titled Bones of Crows.
Read more »
MATIC long-term holders exiting their position in 2022 need to know thisThe Polygon [MATIC] zero-knowledge Ethereum Virtual Machine (zkEVM) is set to launch on its mainnet in 2023. The zkEVM project was contained in the third quarter report prepared by The Tie IO (data analysis firm). zkEVM is a scaling solution created by Polygon to increase dApps’ scalability. So what does zkEVM have to do with […]
Read more »
HANTS HISTORY: End of September 2022 edition | SaltWireWINDSOR, N.S. — Here's a look at what was making the news 15 and 50 years ago in the Hants Journal. 15 YEARS AGO (Mid- to end-of-September 2007 ...
Read more »
Housing affordability gaps widened in 2022 despite falling prices: PBOThe average national price of a home in Canada reached a peak of $839,600 in Feb. 2022, but went down by 7% to $777,200 in August with mortgage rates…
Read more »