Even though Quebec is not officially in a recession, Quebecers feel the economy is slowing. 72% are worried about the economic situation and two in five Quebecers (37%) fear losing their job or that this could happen to someone close to them.
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This is according to the latest survey by the Canadian Federation of Independent Business (CFIB), which highlights the Quebec population's gloomy perception of the economy.
Conducted among 1,001 Quebecers amid a period of persistent inflation and high interest rates, this survey casts a cold chill on what should be a more optimistic outlook ahead.
There have been numerous job losses in several sectors in recent months. The construction sector was affected by the significant decline in construction starts.
Several workers have temporarily lost their jobs while waiting for a return to normality. This is the case of a carpenter we met in front of a large store on the north shore of Montreal.
“With the slowdown in construction starts, it’s not easy,” said the man, who has been unemployed for several weeks but did not want to be named.
“Right now the economy is not doing well while interest rates are high. People are struggling to make ends meet.”
If the situation in the housing sector does not improve in the coming weeks, he would not hesitate to explore other options in the construction sector.
“I would look at the industrial side, but the government would have to decide to release construction sites for infrastructure,” he added.
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To tighten the belt
Even if someone has a good job, they are not immune to life's adversities. This is the case of Annick Auger, a Blainville resident who works in engineering.
“It is the economy in general that is not doing well,” she analyzes. Despite my separation, I was able to keep the house because I have a good job and an excellent mortgage rate (1.7%).
“If I don’t see the renewal coming in January 2025, will I be forced to take $300 or $400 more out of my pocket?
“I think about young people coming out of college who have to pay $500 or $600,000 for a house with a high interest rate. The down payment is hard to come by when you often have student debt to pay off.”
Although she earns a good salary, she is looking for deals like everyone else. Whether it's for a box of cereal or another product, she's not afraid to take a detour to save money.
“I can’t do anything crazy. I'm coming. It really shouldn’t be obvious to those earning a lower salary.”
A sample
On the CFIB side, we wanted to reach the pulse of the population who can't seem to see the light at the end of the tunnel.
François Vincent, vice-president of the CFIB in Quebec. Photo provided by CFIB
“It's a survey to find out where Quebecers are,” says François Vincent, vice-president of the CFIB in Quebec. I would have thought that we would have a lower percentage when it comes to the concerns of Quebecers.
“In recent months, with prices continuing to rise and several SMEs closing their doors, the situation has been favorable for this result.”
The CFIB survey in a few numbers
- 72% are concerned about the economic situation in Quebec.
- 72% are against the use of public funds to provide large subsidies to large companies.
- 79% agree that the Quebec government should put SMEs at the heart of its economic policy.
- 62% are of the opinion that economic recovery requires more medium-sized companies than large companies.
- 37% They are afraid of losing their job or are afraid that the people around them will lose their jobs.
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