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A growing number of small and mid-sized businesses in Alberta are feeling the sting of the recession, a new ATB Financial survey finds, with four in 10 reporting they’ve laid off staff during the past year.

“There’s no use pretending, this slump in the economy has been incredibly challenging for Alberta businesses,” the bank said in a report Thursday.

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Its November survey of 300 business owners found about half have cut employees’ hours or frozen wages or benefits, double a similar 2015 survey.

More than half — 53 per cent — postponed new equipment purchases, an increase of 24 percentage points from a year earlier, while 51 per cent have reduced prices.

“The difference of impact from last year is significant,” Teresa Clouston, ATB’s executive vice-president, business and agriculture, said in a statement. “The good news is with oil prices stabilizing, we are starting to see signs of renewed optimism and growth.”