Consumer confidence takes a knock

The latest weekly barometer of Canadian consumer confidence declined last week for the first time in two months. The Bloomberg/Nanos research shows that overall confidence in the economy, including job security, real estate prices and personal finances including mortgages, was down to 57.74 from a 12-month high of 58.62 in the previous week. The sub-index on personal finances and job security slipped marginally while expectations for real estate prices and the economy slipped almost 2 points. “Consumers might now be reacting to the prospect of a correction in the housing market, which would undoubtedly have an impact on households” commented Bloomberg economist Robert Lawrie.

Sentiment weakened across all provinces and most age groups but increased among those earning less than $50,000 a year while falling among higher earners. Both renters and home owners were less optimistic than a week earlier.
 

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