Canadians are more hopeful about their financial situation that they have been in more than a year, according to a Bloomberg
poll that concluded on the week ending August 19.
The Bloomberg Nanos Canadian Confidence Index increased to 59.9, up from the previous week’s 59.3. Meanwhile, the pocketbook subindex that measures personal finances and job security rose to 61.1 (from 60.3 seven days earlier), the highest since May 2015.
In particular, optimism surged among households that earn less than $60,000. Bloomberg
economist Robert Lawrie pointed at the increased child benefit payments instituted by Prime Minister Justin Trudeau as possibly the main factor in this development.
“The pattern prior to the oil-shock was for low-income households to have lower expectations than higher-income households. That pattern has since reversed,” Lawrie explained.
19.9 per cent of the survey respondents stated that their personal finances have become better over the past year, compared to 18.5 per cent the previous week. Nationwide, 65.5 per cent of Canadians believed that their jobs were secure or somewhat secure, up from 64 per cent the past week.
The survey was conducted via telephone polling (with a rolling 4-week average) of 1,000 respondents, and is statistically accurate within 3.1 percentage points, 19 times out of 20.
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