Economic sentiment hits 2-year low

The confidence of Canadian consumers in the economy is at its lowest point for two years according to data from Bloomberg and Nanos Research. The weekly Canadian Confidence Index slipped to 53.41 for the week ending July 24th, down from 55.0 a week earlier. The sub-index of personal finances saw some increased optimism but those focusing on real estate prices, job security and the economy as a whole were all lower. All provinces, most age groups and income brackets and both renters and those with mortgages saw lower sentiment. “The largest month-to-month drop in consumer sentiment in the post-financial crisis period occurs within a backdrop of the loss of current and anticipated household wealth via declines in share prices, oil prices, employment and labor force participation,” said Robert Lawrie of Bloomberg Economics.

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