The National Bank’s May survey of business confidence has found employers’ concerns about the economy continue to grow.

In May a net 57 percent of businesses expected economic conditions to worsen, compared to a net 48 percent last month.

The May result is the third gloomiest in 17 years.

Firm’s expectations about their own prospects have also declined. Only a net 9 percent are now positive, compared with a net 15 percent in April.

Businesses expect their profits to decline and report that they are reducing their employment and investment plans.