Consumer confidence remains under pressure

Confidence in the Canadian economy, personal finances, job security, and real estate prices have all fallen in the past 4 weeks.

The Canadian Confidence Index from Bloomberg and Nanos Research shows a drop to 55.09 in the past week, down from 58.01 four weeks ago. The latest reading is heading towards the 2018 low of 54.21 seen in July and well-short of the year’s peak of 61.91 in January.

“All four elements that make up the index score, ranging from the future strength of the Canadian economy through to job security showed negative movement compared to four week ago,” said Nanos Research, Chief Data Scientist, Nik Nanos.

Of the two sub-indexes, it’s the expectations index (tracking expectation for the economy and real estate prices) which saw the largest decline, down from 54.71 four weeks ago to 50.66 this week.

British Columbia is the only region to record a rise in overall confidence week-over-week while Quebec saw the largest pull-back but remains the most confident of all regions.

Homeowners’ confidence decreased the most in the past week compared to renters.

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