The Bloomberg Nanos Canadian Confidence Index, a weekly composite measure of financial health and economic expectations, jumped to 45.4 last week from 42.9 a week earlier. That is the largest weekly gain since 2013. According to Nik Nanos, chief data scientist, “Consumer sentiment expectations on the Canadian economy are on the rise with a U-shaped trend line beginning to emerge. Perceptions of the future strength of the Canadian economy — although still net negative — have improved 10 points in the last four weeks.” Despite the multi-week uptick in consumer confidence, sentiment will likely take a long time to get back where they were pre-Covid. In January and February, confidence levels averaged about 56. Scores above or below 50 indicate net positive or net negative views on the economic mood of Canadians.
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Big Jump in Canadian Confidence Bodes Well for Recovery