Canadian confidence weakens but businesses are more optimistic

by Steve Randall17 Dec 2019

Canadian consumers are feeling a little flat about the prospect for the economy as the year reaches its conclusion.

The weekly Canadian Consumer Confidence Index from Bloomberg and Nanos Research slipped to 55.27 for the week ending Dec. 13, slightly up from the 55.09 of a week earlier.

However, the share of those with a positive outlook for the Canadian economy slipped to 12.92% from 13.38% a week earlier and was well below the 2019 average of 15.37%.

On personal finances, job security, and real estate prices, positive responses all gained but – with the exception of real estate prices – lagged the 2019 averages.

British Columbia and Quebec saw overall confidence decline while the other regions gained.

Business confidence        

But consumers should perhaps consider the optimism of Canadian businesses.

A survey from EY shows a bullish outlook for 2020, with 100% of executives polled saying they expect improvement in the economy in the coming year and 81% not expecting a slowdown despite media speculation.

"Canadian executives are optimistic but considering growth opportunities carefully," says Doug Jenkinson, Partner in EY Canada's Transaction Advisory Services practice. "Geopolitical uncertainty and potential impacts — including trade disputes, climate change-related policies and regulatory uncertainty — are subduing deal intentions in the short-term."

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