Statistics Canada Says Number of Business Closings Decreased in August

Statistics Canada Statcan said that the number of business closings decreased slightly in August due to the easing of COVID-19 restrictions.

The agency said 34,126 businesses closed in August, down 2.7% from July and 14.2% lower than before the COVID-19 epidemic in February.

Statistics Canada said the drop may reflect the fact that businesses least resilient to the pandemic have closed.

The agency also noted that for the second month in a row, the number of firms opening was more than the number of firms that closed with 40,697 opening.

Statistics Canada said most provinces and territories continued to report fewer closures in August, except for Prince Edward Island and New Brunswick.

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