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Forty per cent of Alberta small businesses may resort to layoffs within the next three months, according to a new Canadian Federation of Independent Business survey.

The organization’s monthly Business Barometer index said small business confidence in Alberta dropped five and one-half points in October to 41.5, approaching the low reached in the recession of 2008-09.

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Measured on a scale of 0 to 100, an index level above 50 means owners expecting their businesses’ performance to be stronger in the next year outnumber those expecting weaker performance. According to past results, index levels normally range between 65 and 75 when the economy is growing at its potential.

Only five per cent of small business owners surveyed said they plan to hire, half the number of September. Fourteen per cent of business owners said the general state of their business health is good, while 35 per cent said they are in bad shape.