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Manitoba economy: CFIB report claims business confidence is waning
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Manitoba economy: CFIB report claims business confidence is waning

Businesses in Manitoba are feeling less safe heading into the holiday shopping season, according to a new report.

The Canadian Federation of Independent Business (CFIB) released its business barometer for Manitoba on Thursday; It showed that long-term trust in members was at the lowest level among the provinces at 49.3 percent.

Brianna Solberg, CFIB’s director of state affairs, said those numbers are surprising, especially as holiday shopping begins to pick up.

“They didn’t see the revenues they expected to see this time of year,” he said. “Fundamentally, we know that despite the Bank of Canada’s rate cuts, consumers are not necessarily leaving the house to spend money, and when they do, their spending habits are shifting to online, multinational retail chains. ”

Inflation has led to a decline in local shopping and a shift to online retailers and big-box stores, Solberg said.

“Inflation is still straining everyone’s budgets,” he said. “We have consumers who keep their cards close to their chest.”

Another issue businesses are dealing with is rising insurance costs from crime and vandalism, Solberg said.

“They do not request insurance because they do not want their already very high premiums to become even more expensive. “They cover these costs on their own, whether it’s replacing a broken window or replacing stolen goods,” he said.

Solberg said businesses are “looking for a light at the end of the tunnel” and called on government officials to provide affordable assistance. He said CFIB was also encouraging people to continue shopping locally to help keep money in the community.