Despite many positives in the Canadian economy and consumers’ own personal circumstances overall Canadian confidence declined last week.
The weekly Bloomberg Nanos Canadian confidence index declined mainly due to a continuing slide in optimism surrounding the future value of real estate.
“In addition to the months-long drop in the outlook for real estate values, there has been a sharp two-week drop in household sentiment regarding personal finances. To the extent that consumer sentiment has been able to signal the direction of final household consumption, this reassessment -- if sustained -- could have implications for overall growth in coming quarters”, said Bloomberg economist Robert Lawrie.
Having reached a 2017 high of 61.19 on August 11, the index has slipped over the following weeks to 59.68 in the week ending August 25.
Positive ratings in all four key measures - personal finances including mortgages, Canadian economy, job security and real estate - were all lower.
Only Atlantic Canada saw an increase in the overall economic mood while British Columbia and Quebec saw the largest decreases.
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