Consumer confidence fell for a second month as Canadians were less confident about keeping their jobs, according to a Nanos Research poll.
The Nanos Economic Mood Index -- an aggregate of survey responses on the outlook for the economy, job security, personal finances and real estate -- fell to 101 in November from 102.6 in October.
Measures calculating personal finances and employment security deteriorating to their worst since the first half of this year, adding to evidence the country’s economy has stalled. Statistics Canada reported last week the country’s economy expanded at its slowest pace in more than a year.
“The current financial state of Canadians is deteriorating,” Nik Nanos, president of the Ottawa-based polling company said, suggesting “there could be some turbulence in Canada related to unemployment and consumer spending in the coming months.”
Canada’s gross domestic product expanded at an annualized 0.6 percent from July through September, the slowest in more than a year, the nation’s statistics agency reported Nov. 30. A Bloomberg News survey of economists forecast 0.8 percent growth. The agency also revised its second-quarter GDP growth figure to 1.7 percent from 1.9 percent.
Canada’s job picture has also worsened, with employment growing at a monthly average of 14,500 in the second half of this year, down from 25,800 in the first six months of 2012.
The balance of opinion between those who say their jobs are secure and those who believe they are not fell to 29.7 in November from 36.7 a month earlier. The net perception between those who say their personal finances are better off over the past year against those who believe they are worse off fell to negative 16.1 from negative 11.1 in October.
A deterioration of “pocketbook” measures was offset by an improvement in expectations measures, the Nanos poll found.
Canadians’ net perception of the economy’s prospects turned positive in November, with the balance of opinion between those who say the economy will be stronger in the next six months against those who believe it will be weaker improving to 2.8 in November from negative 0.5 a month earlier. Net perceptions of future real estate values also improved from a month earlier.
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