Canadian Household Confidence Gains for Third Straight Week

Canadian consumer confidence rose a third straight week on reduced pessimism about where the economy is headed.

The Bloomberg Nanos Confidence Index rose to 56 in the week ending Oct. 9, bringing it closer to the 2015 high of 56.9 set in May. The proportion of respondents saying the economy will be weaker in six months declined for an eighth straight week to 28.4 percent.

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 latest survey data, which is compiled for Bloomberg News, captured:

  • The overall index was below the year-ago reading of 59.2.
  • The share of survey respondents who said home prices in their neighborhood will fall in the next six months declined to 14.3 percent, the lowest since July.
  • The percentage of those saying their personal finances have improved over the last year fell to 17.5 percent from 18.1 percent.
  • On the labor market, 48.9 percent of respondents said their jobs were “secure,” the highest reading in more than a month.
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