Falls to the lowest level since early 2015.
Canadian consumer confidence has fallen to the lowest level since 2015.
According to Bloomberg News, Canadians are losing confidence in the growth of our economy, and trade war concerns are also having an impact.
The results come from a poll conducted by Nanos Research.
Not only has consumer confidence fallen, but the level of optimism regarding the Canadian economy fell to the lowest number since early 2016. In just a week, it fell from 57.1% to 55.3% – the largest drop Nanos ever recorded.
Bloomberg News notes that the weakening of consumer confidence was happening even before the escalating trade disputes between Canada and the US:
“Consumer confidence can be a good barometer of an economy’s overall health and the spat with Trump is fueling concern when households are already uneasy about their prospects. Consumer sentiment has been depressed for much of 2018, reflecting a series of headwinds that includes higher interest rates and slowing housing markets. Canada’s economy hasn’t been able to grow by more than an annualized 2 percent in three straight quarters, something that hasn’t happened since 2015.”
Unfortunately, while the government could be boosting consumer confidence by scrapping the carbon tax and removing job killing regulations, the Trudeau Liberals are doubling down on their big government approach – making life even more expensive for consumers and strangling the potential growth of our economy, all while weakening our ability to compete with the US for investment and jobs.