In August 2022, the number of active businesses (-0.3%; -2,529) dropped for the second consecutive month. This decline is consistent with the variation in employment as measured in the Labour Force Survey, which posted slight contractions in both July and August 2022. The decline in the number of active businesses was mainly driven by the increase in the business closure rate from 4.6% in July to 4.9% in August. The business opening rate (4.4%) slightly declined, driven by the 0.1 percentage point decrease of the reopening rate whereas the entry held steady at 1.8%.
The decline in the number of active businesses in August 2022 was widespread across all provinces and territories. The decrease was mainly driven by Ontario (-0.3%; -994) and Quebec (-0.5%; -916), followed by Alberta (-0.2%; -265).
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