Thanks mainly to Ontarians and Quebecers’ improving confidence this month, the index started to trend above its pre-COVID-19 level. With more pandemic restrictions easing across the country in July, Canadians are increasingly confident about their current financial situations and feeling good about making big purchases. The share of pessimistic views on the question of major purchases dropped below 50 per cent for the second time since March 2020. This points to consumers’ positive sentiments finally coming back after the third wave. We expect that this confidence will be reflected in robust household consumption this summer.
Households are still very optimistic about their future job prospects, which also supports spending intentions. Despite a slight dip, the share of optimism about future employment sat at 33.1 per cent in July, close to its record high of 36.2 per cent in June.
The monthly Index of consumer confidence is constructed from responses to four attitudinal questions posed to a random sample of Canadian households.
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