Canadian Consumer Confidence on the Rise

According to the Bloomberg Nanos Canadian Confidence Index, (BNCCI),  a composite that measure the financial health and economic expectations, consumer sentiment in Canada turned positive for the first time since the COVID-19 pandemic began, with wide spread gains being experienced across regions and age groups. The BNCCI climbed to a reading of 51 last week, its highest since March 20, immediately after nationwide lockdowns went into effect to contain Covid-19. A reading of 50 indicates a net positive balance of responses. The BNCCI improvements are in alignment with other indicators that are showing that Canada is slowly returning to a more normal footing after various provinces start to fully reopen their economies. Of note, is that the Canadian labor market has successfully recouped more that half of its losses in the past three months.