The 5-week growth in Canadian consumer confidence has been snapped as economic concerns increase.

The weekly index from Bloomberg and Nanos Research slipped back from the twelve month high of 59.90 to 59.32 in the week ending August 12 with the expectations sub-index on the outlook for the economy and real estate prices down from 58.59 to 58.37.

Respondents were more positive on personal finances including mortgages, which took that sub-index (which also includes job security) slightly higher.

“Although still net negative in terms of their personal finances, the proportion of Canadians who said that their personal finances were better off hit a level not seen since the opening of 2016,” said Nanos Research Group Chairman Nik Nanos.

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