Canadian consumer sentiment rebounded to its highest in more than two months, as households become less wary of the nation’s economic outlook.
The Bloomberg Nanos Confidence Index, a composite gauge based on household polling, rose to 54.4 for the week ending Sept. 25, the highest reading since mid-July. The index had been hovering at the lowest level since 2013 in recent weeks.
The gain reflected improvement in expectations for growth amid evidence the nation’s economic expansion -- fueled by cheaper gasoline, a weaker dollar and low interest rates -- picked up pace in recent months.
Every week, Nanos Research asks Canadians for their views on personal finances, job security, the outlook for the economy and where real estate prices are headed. The survey, based on phone interviews with 1,000 people, uses a four-week rolling average of 250 respondents. The results are accurate to within 3.1 percentage points, 19 times out of 20.
This is what the survey data, which is compiled for Bloomberg News, captured for the week through Sept. 25:
- The share of respondents who see the economy strengthening over the next six months rose to 18.2 percent, the highest since late May. The share who expect a deteriorating economy declined to 34.2 percent, down from as high as 45 percent six weeks ago. The difference between the two -- at 16 percentage points -- is the narrowest since July.
- The share of survey respondents who said home prices in their neighborhood will increase in the next six months rose to 33.8 percent, the highest since late August. Those who expect weakening home prices fell to 17.5 percent, which is still above a 2015 average of 16.4 percent.
- Job security remains at historically low levels. The share of Canadians who say their jobs are at least somewhat secure was at 65.3 percentage points, little changed from last week. The average for 2015 is 69.3 percent.
- Gains in confidence were recorded in every region of the country, with the biggest gains in western Canada. British Columbia remains the region with the highest confidence levels in the country.