Bloomberg Nanos Canadian Consumer Index Reaches Highest Level in Over Two Years

The latest Bloomberg Nanos Canadian Consumer Confidence Index—a measure of economic mood—was released on Monday, and the Index rose to a reading of 54 last week. That is the highest level since May 2022. Over the last month, the index has gained 3 points. A reading above 50 indicates net positive sentiment.

Every week, Nanos surveys about 250 Canadians for their views on the current state of their personal finances and job security, as well as their outlook for the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 randomly sampled telephone responses.

According to this week’s Index, Canadians felt better about these topics last week, based on the net change between positive and negative responses. That helped to lift the overall confidence index to its two-year high.

Despite the recent improvement, views on the current state of affairs remain far bleaker than the average over the data’s history going back to 2008, Bloomberg reported. Canadian households have been struggling, as the country has been in a per-capita recession since 2022 and consumer prices are more than 10% higher than they would be if they’d stayed on their pre-pandemic trend.

Compared to the national measure, sentiment is more positive in Quebec and Atlantic Canada and weaker in British Columbia, Ontario, and the Prairies.