Canadian Consumer Confidence Jumps to Record-High Amid Strong Vaccine Rollout
Consumer confidence appears to be accelerating across Canada, amid the ongoing vaccine rollout that is seeing more and more Canadians getting inoculated against Covid-19.
According to the latest Bloomberg Nanos consumer confidence survey, about 45% of Canadians polled anticipate that the economy will be stronger over the next six months, marking the highest reading since 2009. This pushed the overall confidence index to a new record of 64.6.
Although a number of key regions across are still under some form of Covid-19 restrictions, Canada’s economic outlook appears to be more optimistic in May, as the ongoing vaccination program gains more traction. In addition, the broad reopening of the US economy has also contributed to the spike in consumer confidence among Canadians.
Attitudes about job security remained relatively unchanged, as nearly 70% of those surveyed said their employment is somewhat secured. Confidence levels improved across all major geographic regions in Canada, aside from Quebec, which reported a slight decrease.
Information for this briefing was found via Nanos Research. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
