Canada Consumer Confidence Rises as Gasoline Price Falls - Bloomberg
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Canada Consumer Confidence Rises as Gasoline Price
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By Andrew Mayeda
Aug 18, 2014 10:00 AM ET
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Canadian consumer sentiment rose last week as opinions on personal finances improved with falling gasoline prices.
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The Bloomberg Nanos Canadian Confidence Index climbed to 58.8 for the week ended Aug. 15 from 58.6 the previous week. The survey-based
index climbed for the first time in four weeks after declining from close to a four-year high, as sentiment about the national economy and realestate prices improved last week while views on job security dimmed.
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A gauge of personal finances recorded its best score since March amid dropping gasoline prices. World oil prices have been on a steady decline
since June, with futures down 0.3 percent last week, on signs of slowing demand, driving down prices in Canada.
The rack price for unbranded regular gasoline picked up at terminal locations in Toronto was 1.9 percent lower last week, according to data
published by Shell Canada. That price is down 11.7 percent from its 2014 high of C$0.9460 ($0.8686).
The percentage of those who think their finances were better off in the past year rose to 20.2, the highest since June 6, from 19.5 percent the
week before. Those who say they are worse off was unchanged at 22.7 percent. At 2.5 percentage points, the difference between the two is the
lowest since the week of March 7.
Even with last week’s rise, consumer confidence has stagnated this year amid mixed signals about the prospects for world’s 11th largest
economy. Bank of Canada Governor Stephen Poloz cut his forecasts for economic expansion last month, predicting the country will take two
years to return to full output, in part due to what he called “serial disappointment” with global growth.
Economy Pessimism
That pessimism was reflected in a July 24 International Monetary Fund report that cut its growth projections amid growing concern that
geopolitical risks, such as Middle East unrest, will rattle the world economy.
“The forward views on the expected strength of the Canadian economy still remain below the 2014 average,” said Nik Nanos, chairman of
Nanos Research Group.
The Nanos index is derived from weekly polling based on phone interviews with 1,000 people, using a four-week rolling average of 250
http://www.bloomberg.com/news/2014-08-18/canada-consumer-confidence-rises-as-gasoline-price-falls.html[19/08/2014 8:16:14 AM]
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Canada Consumer Confidence Rises as Gasoline Price Falls - Bloomberg
respondents. The results are accurate to within 3.1 percentage points, 19 times out of 20.
The index has two sub-indexes. The Expectations Index, based on responses about the national economy and real estate, climbed to 57.4
from 57.3.
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The percentage of those who expect the economy to strengthen over the next six months increased to 17.9 from 17.7 the previous week. The
gauge has averaged 21.3 this year.
Those predicting higher real-estate prices over the next six months rose to a 41.5 percent share from 41.4 percent. The 2014 average is 40.4.
The Pocketbook Index, based on responses about job security as well as personal finances, rose to 60.3 from 59.9 the previous week.
The proportion of people who describe their job as at least somewhat secure slipped to 65.7 percent from 65.8 percent. The 2014 average is
66.7 percent.
To contact the editors responsible for this story: Paul Badertscher at [email protected] Chris Fournier
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To contact the reporter on this story: Andrew Mayeda in Ottawa at [email protected]
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Collection http://www.bloomberg.com/news/2014-08-18/canada-consumer-confidence-rises-as-gasoline-price-falls.html[19/08/2014 8:16:14 AM]