Consumer confidence appears to be recovering as more Canadians expect a real estate rebound and fewer fear a looming recession. Read on
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The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on weekly polling, jumped by the most since the end of November. The index climbed to 47 on Friday, up from 45.7 a week earlier and 45.3 on Jan. 20, shortly before the Bank of Canada said it would stop to assess the impact of rate increases and hold its benchmark overnight rate steady at 4.5 per cent.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
“Views on real estate have consistently been a foundational element in consumer confidence,” said Nik Nanos, chief data scientist of Nanos Research. “Although not returning to the exuberant levels from a year ago when the housing market was red hot, the weekly tracking is seeing the beginnings of a potential positive trajectory.”
The jump is more evidence of a sustained rebound for Canadian consumers at the start of 2023. Sentiment is still recovering from late last year, when the index recorded some of the most pessimistic readings since the depths of the COVID-19 pandemic because of uncertainty about the economic outlook, inflation and interest rates.
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