More Canadians feeling pessimistic about economy with confidence sliding for third straight week - Financial Post

Bloomberg Nanos Canadian Confidence Index is at its lowest level since March

Author of the article:

Bloomberg News

Theophilos Argitis

A woman shopping for food in Toronto. Canadians are reporting waning optimism over the strength of the economy. Photo by Peter J. Thompson/National Post files

Article content

Canada reported a third weekly decline in consumer confidence amid concerns about a softening economic outlook.

Article content

The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on household polling, fell 1 point to 61.6 last week, bringing it to the lowest level since March. The index is down 3.5 points over the past three weeks, and almost five points since hitting a record high in July.

Waning optimism over the strength of the economy is driving the sentiment decline, fuelled by growing worries about the highly transmissible Delta variant and a fourth wave of the COVID-19 pandemic. Weakening confidence is also coinciding with a string of poor economic numbers that suggest the nation is repairing damage from the crisis more slowly than analysts had been anticipating.

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for the economy. The confidence index represents a rolling four-week average of about 1,000 responses.

Adblock test (Why?)

More Canadians feeling pessimistic about economy with confidence sliding for third straight week - Financial Post
Read More