Canadian consumer confidence on a steady decline from mid-August high

In the latest edition of their Canadian Confidence Index, Bloomberg and Nanos Research found that Canadian consumers are becoming slightly less confident of their economic and housing prospects by the week.

As of the week ending September 15, the index was at 58.42, down from the 58.45 of the week prior to that. The 2017 high is still 61.19 in mid-August, while the 2017 average is at 58.43.

“Consumers appear to be rebalancing their expectations after a nearly year-long upswing in sentiment. Unemployment is nearing its pre-Financial Crisis lows, wage growth has been positive for the past 8 months, while house prices continue to climb despite the authorities’ best efforts,” Bloomberg economist Robert Lawrie explained.

“Yet there have been signs of uncertainty regarding the strength of the recovery and its ability to reduce the remaining slack in the labour market.”

The proportion of Canadians who are expecting real estate prices to increase in the next half year went up to 39.57 per cent, from the 37.12 per cent a week before that.

MBN

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