Canada Second Quarter Consumer Confidence Unchanged, RBC Says

Canadian consumer confidence was unchanged in the second quarter compared with the January-March period as people were more optimistic about the economy and downbeat about their own finances, according to a Royal Bank of Canada survey.

The Canadian Consumer Outlook Index remained at 108, the Toronto-based bank said today. The index was set at 100 when it was first tallied in November as the economy was coming out of a recession.

“It’s been holding steady but above the concern registered in the November survey,” said Paul Ferley, assistant chief economist at Royal Bank of Canada in Toronto. The response to the question about the current economy suggests optimism may increase in future reports, he said.

The share of people saying the overall economic outlook is good increased to 67 percent from 54 percent, while 27 percent said their own financial situation will improve in the next three months, down from 33 percent.

The index is calculated from responses to an online survey conducted by Ipsos Reid. The poll of 3,229 Canadians was taken June 1-8 and weighted to reflect the makeup of the total population. An un-weighted survey of this size has a margin of error of 1.7 percentage points, 19 times out of 20.