In July, the business opening rate contracted by 0.6 percentage points compared with its July 2021 level (5.2%). The business closure rate rose by 0.7 percentage points to settle at 4.6%. As the number of openings and closures was similar, the number of active businesses remained relatively unchanged. These were the largest variations in openings and closures not necessarily attributable to public health restrictions since the onset of the COVID-19 pandemic. The Canadian Survey on Business Conditions (CSBC) showed that businesses expect to continue to face challenges related to rising inflation and costs of inputs, as well as supply chain issues during the third quarter of 2022.
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