In Canada, 42 per cent couldn’t make the October rent with small businesses in British Columbia, Ontario and Alberta hardest hit
On the surface, it seems like an insignificant statistic in a sea of major economic news: There was a big jump in the number of small businesses in the U.S. and Canada that couldn’t pay their rent in full and on time in October.
According to a survey of more than 4,700 small businesses released this week by the Alignable Research Center in Boston, 37 per cent of U.S. small businesses came up short last month, up seven percentage points from September, when delinquencies were at a six-month low. Small businesses in Massachusetts, New Jersey, New York and California – all states with Democrat leadership – saw the worst of it.
The specifics are well-documented: rents have risen for more than half of small businesses, gas prices are higher, supply chain costs are up, labour costs are soaring and there are widespread shortages of workers, and consumer spending is slowing – and all this against a backdrop of growing fears of recession.
Car dealers were hurt by sharply rising interest rates, since big-ticket items are often bought on credit. In the U.S., rate hikes by the Federal Reserve have driven up new-car financing rates to 5.7 per cent in the third quarter, up from 4.3 per cent a year ago and the highest level in three years, according to Edmunds analysts. In Canada, the average car loan rate is 6.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Statistics Canada to release job market numbers for October - National | Globalnews.caThe agency is scheduled to publish its labour force survey for October Friday morning. The report comes as economists worry about a possible recession.
Read more »
Canada added 108,000 jobs in October | CBC NewsCanada's economy added 108,000 jobs in October, about 10 times what was expected.
Read more »
Statistics Canada to release job numbers for October todayStatistics Canada is expected to release its latest reading on how the job market is doing today.
Read more »
Canada sees rise in Mexican asylum seekers, with majority landing in Montreal | Globalnews.caFrom January to mid-October, 6,501 of the 7,968 Mexican asylum seekers arriving in Canada by air landed in Montreal, according to the Canada Border Services Agency.
Read more »
Canada gathers MLS talent for exhibition game in Bahrain prior to 2022 World CupCanada will play an exhibition game against Bahrain on Nov. 11 with mainly MLS players, some who have been off since early October.
Read more »
Health Canada approves Moderna’s bivalent COVID-19 vaccine for BA.4, BA.5 subvariants - National | Globalnews.caHealth Canada has authorized Moderna's bivalent COVID-19 booster vaccine for those 18 years and older after approving Pfizer's earlier in October.
Read more »