Consumer confidence index nudged higher last week

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After six consecutive weeks of falling figures, consumer confidence turned slightly last week, at least at first glance. The Bloomberg Nanos Canadian Confidence Index rose to 54.22 from 53.63 the week before. The weekly survey of sentiment has averaged 55.12 so far this year and since 2008 it has averaged 57.12. “The movement in this week’s tracking was largely driven by a one week gain in the province of Ontario,” said Nanos Research Group Chairman Nik Nanos. The sub-index on job security rose but confidence in the overall economy and personal finances was lower. In the real estate sub-index, which asks respondents if they believe home prices will be higher in 6 months, there was a marginal decline in confidence, however it remains above the 2015 average. 

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