Consumer confidence slips from 2017 high

Consumer confidence slips from 2017 high

Consumer confidence slips from 2017 high Canadian consumer confidence hit its 2017 high mid-August but has since declined.

The weekly sentiment survey from Bloomberg and Nanos Research shows that the index was at 58.42 last week, down from the 58.45 of the previous week and the August 11 high of 61.19.

“Consumers appear to be rebalancing their expectations after a nearly year-long upswing in sentiment. Unemployment is nearing its pre-Financial Crisis lows, wage growth has been positive for the past 8 months, while house prices continue to climb despite the authorities' best efforts,” said Bloomberg economist Robert Lawrie. “Yet there have been signs of uncertainty regarding the strength of the recovery and its ability to reduce the remaining slack in the labour market.”

The share of those who expect real estate prices to increase in the next 6 months was higher last week though at 39.57% compared to 37.12% a week earlier.

Sentiment was also higher for the overall economy and personal finances including mortgages; but concern grew for job security.
 

More market update: