NAFTA talks are weighing on consumer confidence

Although the conclusion of the latest round of NAFTA talks has brought some optimism this week, consumers are worried about their jobs according to the latest report from Bloomberg and Nanos Research.

Its weekly tracking of Canadian confidence has slipped since the start of the year with the overall confidence index down from 62.17 to 59.12.

“Softening views have occurred coincidentally with a focus on trade talks – both on the NAFTA and also the Comprehensive and Progressive Agreement for Trans Pacific Trade,” said Nanos Research Group Chairman Nik Nanos.

All four components of the index, including personal finances, real estate prices, the economy and job security were lower last week than the previous week.

"Consumer sentiment hasn't dropped this much in a month since July 2015, when oil prices were free-falling and the unemployment rate was climbing again,” added Bloomberg economist Robert Lawrie.

Economic mood was strongest in the Prairies and Atlantic Canada.

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