Consumer confidence dips
Posted Jul 27, 2010 1:12 pm.
This article is more than 5 years old.
For the second straight month, Canadians are less bullish about their prospects.
The Conference Board of Canada reports consumer confidence dropped to 80 index points in July and it’s a trend the board would like to see reversed.
The organization’s Todd Crawford is concerned about the drop in the confidence index despite unexpected growth in the job market.
Crawford says the job creation obviously hasn’t made its way into Canadians’ consciousness yet but it is a sign that we’re on our way to recovery. He hopes to see confidence rebound in the coming months.
“And it’s important because what we’ve found in the past is the level of consumer confidence is closely linked with just how much Canadians spend, and of course, if people retrench their spending, then that certainly could end up slowing down the recovery and that’s exactly what we do not want,” he says.
Crawford says despite the fact that 93-thousand new jobs were created in June, Canadians in all regions remain less optimistic about future job prospects.
