Canadian Household Confidence Posts Biggest Increase Since 2013by
Oil-producing prairies lead gain in Bloomberg Nanos index
Nationwide confidence reading still near 12-month low
Canadian consumer confidence climbed by the most in two and a half years last week, as sentiment in the prairie region hurt by a commodity crash pulled away from record lows.
The Bloomberg Nanos Consumer Confidence Index rose to 53.5 from 52.1 in the week ending Feb. 19, and the measure for the prairie region including the oil hub of Alberta jumped to 44.8 from 41.4. In Ontario, Canada’s most populous province, sentiment rose to 57.2 from 55.8.
Households were more optimistic about the economy’s future and the job market following a period where personal finances showed the worst deterioration in Nanos polling back to 2008. The gains in the Prairies and Ontario “will have to be monitored to see if a new trend emerges,” Nanos Research Group Chairman Nik Nanos said.
The share of people who said the economy will be stronger over the next six months rose to 22 percent from 19.9 percent, an eight-week high, and the 53.4 percent who called their jobs secure was the highest since June. The 12 percent of people who said their personal finances had improved over the last year was the lowest on record.
Nanos Research produces the weekly confidence index from questions on personal finances, job security, the outlook for the economy and real estate prices. The survey is based on phone interviews with 1,000 people and uses a four-week rolling average of 250 respondents. The national results are considered accurate to within 3.1 percentage points, 19 times out of 20.