Canada’s CFIB Business Barometer long-term index fell 3.9 points to 46.3 in October 2025. Confidence weakened across most sectors, led by construction (down 9.3 points to 43.2), transportation (-8.6 to 42.4), retail (-5.8 to 42.6), and manufacturing (-4.1 to 44.6). Only health and education (55.4), agriculture (54.5), and professional services (52.7) remained above 50. The ongoing US–Canada trade dispute weighed on sentiment, with 72% of firms reporting negative effects - particularly in transportation (38%), manufacturing (27%), and wholesale (26%). Regionally, Alberta saw the sharpest drop, down 9.9 points to 43.8. Labor market conditions continued to weaken, with more employers planning to cut staff (19%) than hire (12%). Insufficient demand remains the main barrier to business and production expansion, cited by 52% of respondents. Meanwhile, key cost constraints hindering growth are insurance (68%), tax and regulatory expenses (67%), and wage costs (64%).