Consumer confidence falls with the oil price

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Canadians are feeling the pressure of the lower oil prices despite the lower cost of gas. The latest Bloomberg Nanos Canadian Confidence Index shows that the potential damage to the economy from losses in the energy sector is adding to concerns about job security, personal wealth and house prices. Three weeks ago the level of those polled who believed their job was safe was 72.2 per cent; two weeks ago it was 69.6 per cent; last week it was 67.7 per cent. In the real estate sub-index those who believe that house prices will fall in the next six months rose to 13.4 per cent, the highest since March. Those who expect rising prices was at 38.9 per cent; in October it had been 44.4 per cent. Overall there was a more pessimistic outlook for the economy in last week’s poll.

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