Below is the press release for TD bank for their November outlook.
Moderation seems to be a common thread in their announcement.
November 4, 2010
Data Release: Small Business Confidence Perks Up In October
* The CFIB's small and mid-sized enterprise confidence index rose from 63.6 in September to 66.9 in
October. This is its highest level since May 2010 and marks the end of a 4-month string of declines.
* British Columbia, Ontario, and Alberta were the main drivers of this month's increase, with confidence in
those provinces rising by 10.0%, 9.8%, and 9.1%, respectively.
* On an industry basis, 11 of 13 industries recorded better confidence in October. In particular, the
construction and resources sectors drove the headline index, with confidence improving by 20.1% and 14.8%, respectively. Adding to that were an 8.4% increase in arts, recreation & information services, and a 9.8% improvement in professional & business services sectors.
* There was an improvement in capital spending intentions, specifically in computers, communication, and office technology, which have increased by more than 13% in the last two
months. Hiring intentions have also improved marginally, which is likely due to the declining share of small and mid-sized businesses complaining of insufficient domestic demand.
* Today's report was a welcome addition after four straight months of declines in business confidence.
* At the same time, however, the fact that the headline index has been relatively trendless so far this year reflects that businesses are continuing to see improvements in demand, but only moderate. This is consistent with TD Economics' forecast for lukewarm 1.5-2% growth in the second half of 2010.
* The fact that businesses are becoming more optimistic regarding capital spending provides some additional support for our expectation of continued strength in machinery & equipment investment. After rising by 30% on an annualized basis, M&E is likely to be a major contributor to growth in the coming quarters.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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