Canadian consumers are becoming less confident in the economy and their personal finances due to the ongoing uncertainty of NAFTA negotiations and tension over tariffs.
The latest weekly Bloomberg Nanos Canadian Confidence Index shows a reading of 54.21 compared with 57.05 just 4 weeks ago. The sub index based on personal finances and job security was down slightly while the sub index based on the outlook for the economy and real estate prices was down almost 5 points.
“Negative perceptions on the future strength of the Canadian economy have increased a significant 13 points in four weeks,” said Nanos Research, Chief Data Scientist, Nik Nanos. “The overall confidence index hit yet another 12 month low, largely driven by anxiety about the future strength of the Canadian economy.”
Respondents in Atlantic Canada and Quebec showed increased confidence in last week’s survey while the other regions declined.
Middle-income earners and homeowners were more likely to feel less confident but declining sentiment was common across most age groups.