Canadian Consumer Confidence Nosedives

Confidence index posts biggest fall in nearly a year.

Recent gains in consumer confidence have been wiped out, according to the Bloomberg Nanos Canadian Confidence Index.

The index fell to 56.4 in August, a drop of over two points from the 58.6 rating that was recorded in July.

According to Bloomberg, “The drop reflects waning optimism about Canada’s economy, and effectively reverses the pick up in sentiment earlier this summer. It marks the first drop in the index of more than 2 points since November 2018.”

As Bloomberg noted in a graphic, “Confidence decline casts doubt on growth.”

The biggest fall in confidence took place in Ontario.

Prospects for the future of the economy are also dim.

13% expect the Canadian economy to get stronger over the next six months. However, that is dwarfed by the 29% who expect the economy to weaken. The number of those who expect the economy to weaken is up 5 points in just the last month.

Spencer Fernando

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old white guy
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old white guy

Confidence and optimism in the face of a government effort to destroy economic activity is false and very stupid.

Ruth Bard
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Ruth Bard

The direction of the economy in the foreseeable future will depend on whether the next govt is led by a bonehead egged on by a dangerous extremist, or a spineless wimp in mortal fear of the MSM. Either way, it won’t be great.

Ken
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Ken

Ruth, you are correct regarding the direction of the economy. But which is the bonehead and which is the wimp?

Brian Dougan
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As Trudeau the Elder used to say; “The land is strong!” (The Liberals 1972 re-election slogan.) Trudeau the Younger: “Diversity (weakness) is our strength.” Welcome to Crazy Town. The current pack of Liberal jackals can spin the facts any way they like; but their anti-business; anti-Canadian “policies” have borne the expected rotten fruit. No amount of perfume and sugar can make it palatable. It’s poisonous. Will there be enough sickened voters to defeat the Liberal jackals in October?

old white guy
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old white guy

It will only take 35% of the 63% who vote.