Canadian Consumer Confidence Keeps Falling

Reaches lowest level in two years according to Bloomberg-Nanos index.

Consumer confidence in Canada continues to move on a downward trend.

According to the Bloomberg-Nanos Canadian Confidence index, the consumer confidence level dropped to 54.9, the lowest since 2016.

It’s down 6.2 from the same time last year.

According to BNN Bloomberg, “The percentage of Canadians giving the most pessimistic responses jumped to 21.6 per cent — the highest since March 2016 — versus 18.7 per cent at the end of May and 14.2 per cent at the end of 2017.”

There has also been a big rise in the number of people who think the economy will weaken, and a decline in those who think it will get stronger.

41.3% think the economy will weaken in the next six months, while just 13.4% think it will get stronger.

There is also pessimism when it comes to personal finances, with 26.8% of respondents saying they think their personal finances are worsening, while 18% think their finances are improving.

While some of this is due to the rising trade tensions with the US, the decline in consumer confidence began before the trade war got underway.

With the Trudeau government pushing ahead with their increased regulations, higher taxes, and widely-hated carbon tax, investment has been fleeing our country by the tens of billions (reaching a whopping $100 billion lost in 2017).

With the Trudeau government making it impossible for our businesses to compete, and taking more and more money out of the hands of Canadians, our ability to withstand a trade conflict has been badly reduced, and the Canadian people are paying the price.

Spencer Fernando