OTTAWA
,
January 29, 2024
(press release)
–
The number of active businesses fell by 0.2% (-1,986) in October, its third decline in four months. This decrease was driven by the 0.4 percentage-point drop in the opening rate (4.2%), as the closure rate remained relatively unchanged at 4.8%. In October, construction (21.6% of the overall decrease; -1,085 openings compared with the previous month) led the decline in the business sector openings, followed by transportation and warehousing (17.4%; -876) and professional, scientific and technical services (13.9%; -698). The change in business closures in October varied across sectors and increases were highest in retail trade (+157 closures compared with the previous month), construction (+105) and transportation and warehousing (+93). These sectors also posted the largest declines in the number of active businesses. In October, payroll employment declined by 0.2%, while gross domestic product remained relatively unchanged. Furthermore, rising inflation remained the most commonly expected obstacle over the fourth quarter of 2023. Transportation and warehousing, construction and retail trade were in the top five sectors where businesses were most likely to expect challenges related to rising inflation.
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