Canadian Consumer Confidence Up for 10-Weeks in a Row

According to the Bloomberg Nanos Canadian Confidence Index, consumer confidence ticked up slightly to 46.2 last week, from 46 a week earlier. That is up almost 10 points from a record low in April, as the country gradually reopens from Covid-19 restrictions, but still hovering at about one-fifth below historical averages. The 10-week rally is the longest since Nanos began weekly tracking in 2013. There is, however, one potential concern, that is that sentiment may be a plateauing at below pre-pandemic levels. The pace of gains in the confidence index has slowed sharply over the past two weeks, with last week’s 0.2-point increase the smallest since May. Overall, Canadians view of their personal finances, the Canadian economy, and job security remains pessimistic.

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