Consumer Confidence continues to improve (CREA)


National consumer confidence continued to improve for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Consumer sentiment is up from the end of 2008, and now stands above pre-recession levels. The sharp rise in confidence resulted from improved sentiment about households’ budgetary outlook, job growth prospects, and major purchases.

Consumer confidence was down slightly in October 2009 after seven consecutive monthly gains, but remains well above where it stood in the third quarter of 2008.

The balance of sentiment about making major purchases, such as a home or a car, broke into positive territory for the first time since the first quarter of 2008. Sentiment was on par with upbeat levels last seen at the end of 2007.

The balance of sentiment about making major purchases edged lower in October, but stayed positive for the third consecutive month.

A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.

Sentiment about job growth prospects continued to improve significantly in the third quarter of 2009, rising into positive territory for the first time since the first quarter of 2008. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.

The balance of sentiment about households’ budgetary outlook also rose in the third quarter. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.

Ontario
Consumer confidence in Ontario climbed for the third consecutive quarter in the third quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence.

Consumer confidence continued its steady ascent in October 2009, building on increases since the beginning of the year. Consumer confidence now stands at the highest level since the first quarter of 2008.

Sentiment about making major purchases, such as a home or a car, improved for the third consecutive quarter. The balance of opinion about making major purchases was positive for the first time since the fourth quarter of 2007, and stood just below levels from that quarter.

The upward momentum in the balance of opinion regarding major purchases continued into October. The balance of sentiment remained in positive territory for the third consecutive month, and reached the highest level since the fourth quarter of 2007.

A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This is an important factor underlying the housing market.

Sentiment about job growth prospects in Ontario has improved significantly, returning to pre-recession levels. The balance of sentiment was just shy of positive in the third quarter, and was equal to levels from the third quarter of 2007.

The balance of sentiment about the outlook for household budgets remained positive in the third quarter of 2009, after rebounding sharply in the previous quarter.

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Constantine Isslamow

Constantine Isslamow

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