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The latest survey from the Canadian Federation of Independent Business is not a surprise, but it’s still unsettling.

As many as 63 per cent of businesses say they will have to let their staff go over the next three months, with only five per expecting to add to their workforce.

While small business confidence edged up slightly at the start of April after a dramatic descent in March, on the back of government support, confidence remains subdued. The CFIB’s Business Barometer gained around 7 points to 37.7 in April, but the index is far below the benchmark 65-point level, which indicates that the economy is growing at its potential.

“The small bounce back in business confidence we’ve seen since the beginning of the month is a sign that the raft of unprecedented government intervention has had some effect, but we’re nowhere near a return to business as usual,” said Ted Mallett, CFIB’s vice-president and chief economist said in a statement. “In fact, even more business owners are planning to lay off staff in the next three months than when we surveyed them two weeks ago.”