Canada keeps showing weaker consumer confidence

According to the recent data from Bloomberg and Nanos Research, Canadian consumer confidence kept going down last week.

The weekly Bloomberg Nanos Canadian confidence index stopped at 61.57 during the week ending September 03, 2021. The numbers are lower than 64.93, reported four weeks ago, and about 5 points below July’s record high level.

Bloomberg says the results point to weakening optimism concerning the strength of the national economy as Canadians worry about the influence of the fourth wave of the COVID-19 pandemic.

In addition to it, the decline of consumer confidence coincides with a number of weak economic reports suggesting Canada’s recovery from the crisis is slowing down.

“Canadian consumer confidence keeps falling with significant four week decreases in positive sentiment for housing prices, views on Canada’s economic strength and personal finances,” – noted Nik Nanos from Nanos Research.

As you know, the consumer confidence index is based on random interviews with 1,000 Canadian consumers. A four-week average of 250 respondents is used each week. All the respondents are at least 18 years old. In case we get 50, it means equal shares of positive and negative views, a score above 50 points to dominating positive views, while scores below 50 – to negative ones.