Consumer confidence weakens further

Canadians are worried about their jobs, their personal finances and the economy; but are more convinced that home prices will rise.

That’s the finding of the latest Canadian Consumer Confidence Index from Bloomberg and Nanos Research, which declined again last week to 58.32, the fourth straight week of lower figures, having started the year at 61.91.

“Over the course of the past four weeks the proportion of Canadians reporting their job security was either secure or somewhat secure declined more than four percentage points,” said Nanos Research Group Chairman Nik Nanos.

The only component where there was a rise in positive responses was for home prices being higher in 6 months, although against the backdrop of the other elements that won’t be a positive for many.

"Households in the youngest age group and with the lowest incomes are reporting the biggest drop over the past month in pocketbook sentiment, which includes perceptions of household finances and job security. This drop among the most vulnerable coincides with the recent decrease in part-time employment and will undoubtedly spark the debate over increasing the minimum wage”, said Bloomberg economist Robert Lawrie.

Regionally, Atlantic Canada and Quebec were the only ones to see a rise in the confidence index overall.

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