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OTTAWA - Business owners in New Brunswick are cautiously optimistic about the year ahead despite a slowdown in the U.S. economy and uncertainty in global financial markets, according to a report released Wednesday.

The Canadian Federation of Independent Business's quarterly report compiles business expectations of its members for the coming year, factoring elements such as employment demand and external influences, including borrowing costs and competition.

"The province is holding its own and business expectations are positive for the next 12 months," said Andreea Bourgeois of the Canadian Federation of Independent Business.

According to the survey, 47 per cent of small- and medium-sized businesses expect their companies to continue growing, compared to 18 per cent foreseeing weaker performance.

Bourgeois said capital projects in the Saint John area have business owners in that region optimistic about the economy, while a slowdown in the transportation industry has some in the Woodstock to Edmundston corridor anticipating tough times.

She said the economies in Fredericton and Moncton are toeing the line.

Across the province, 82 per cent of those surveyed are concerned with rising energy prices, while 43 per cent point to challenges in labour costs.

Another 23 per cent of respondents believe that labour availability has worsened in the past three months.

Valerie Roy, CEO of the Greater Moncton Chamber of Commerce, said a poll of her membership shows a shortage of skilled and available labour for area businesses is a pressing concern for the region.

"Hospitality and retail are looking for bodies. It's that simple," she said, adding the province's pool of workers continues to shrink as the unemployment rate in the area hovers at about five per cent.

Despite the labour crunch, Roy said her membership remains guardedly optimistic about the economic climate in the city.

"We are enjoying a window of opportunity," she said. "We don't know how long that window will last, but if we keep with a diversified economy, that will help protect us from some of the far-reaching effects of what's happening in the United States."

Anthony Knight, general manager of the Fredericton Chamber of Commerce, echoed Roy's sense of guarded optimism.

"We're seeing some positive numbers in the short term," he said. "But we need to be vigilant. Business owners need to be preparing for what could be some slower times in the future."

He said the diversified nature of Fredericton's economy, which includes knowledge firms, information technology companies, engineering and consulting businesses, and public-sector employers, provides some insulation from an economic slowdown to the south.

"But in the business cycle, things can change," he said.

Bourgeois said New Brunswick's score on the survey continues to exceed the Canadian average.

However, economies in Ontario and Quebec, and challenges facing central Canada's manufacturing sector are at the heart of the decline in national numbers.

"There has been a general downward trend in Canada and New Brunswick," she said, adding businesses are generally more optimistic about speculating year-end results in the first quarter.