Canadian consumer confidence slightly flagged in May

Canadian consumer confidence slightly flagged in May

Canadian consumer confidence slightly flagged in May

The latest edition of the Bloomberg Nanos Canadian Confidence Index showed that consumers nationwide remained apprehensive of the current instability in global markets.

Ending at 57.5 in May, the index represented a slight decline from the 57.9 in April and a considerable upswing from the 56.8 in March. The May figure was still a far cry from the record 62.2 level back in December, however.

Canadian households expressed anxiety over the impact of economic turmoil on their financial states. Also, worries about the housing market and the prevailing interest rates have tempered consumers’ optimism.

Sentiments on personal finances took the biggest hit last month. 28.2% of respondents in May stated their personal finances have worsened over the past year, the worst end-of-month figure since April 2017.

Read more: BoC: Economy ‘evolving as expected’

 “The economic mood in Canada has been mired in uncertainty and controversy,” Nanos Research Group chairman Nik Nanos told Bloomberg. “Considering the importance of both Canada-U.S. trade and the energy sector to the Canadian economy, it shouldn’t be a surprise that the mood is generally dour.”

Nanos was referring to the fears stemming from the volatility brought about by the apparently stalled NAFTA negotiations and the pipeline dispute between Alberta and British Columbia.

 

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