Canada consumer confidence hits one-year high on economy outlook

Canadian consumer confidence reached a one- year high, continuing a surge since the federal election last month, polling conducted by Nanos Research shows.

The Bloomberg Nanos Consumer Confidence Index rose to 58.3, the highest since October 2014, driven by gains in both the personal finance and economy outlook sub-indexes. The broad confidence index has climbed steadily since Justin Trudeau’s Liberals won the Oct. 19 election with a pledge of deficit- financed stimulus spending.

The surge in Canadian consumer optimism is wide-spread, with British Columbia leading the way. Sentiment in Canada’s western-most and third-most-populous province reached 63.3, the highest level since tracking began in 2008 and up from 60.5 a week earlier. It also rose in Quebec, Ontario and the Atlantic region.

“The prospect of a fiscal stimulus and recent economic news -- including upticks in the labor market and upside momentum in Canada’s non-energy exports -- have been adding to the improvement in household expectations,” said Robert Lawrie of Bloomberg Economics.
 

 

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