Many households continue to feel inflation’s pinch, with optimism over current finances edging lower this month to 12.4 per cent. At the same time, those sharing a pessimistic view crept higher to reach 29.1 per cent – a 3.4 percentage point increase from April.
Similarly, worries about future finances continued to be an annoyance. Of those surveyed, 25.3 per cent shared a negative outlook on future finances six months from now. This remains well above the 16.3 percent average witnessed in 2019.
Positive attitudes toward major spending still have a long road to recovery when contrasted with the average sentiment of 31 per cent in 2019. Only 14.8 per cent of survey respondents believed now is a good time to purchase large-ticket items. Higher borrowing costs on the horizon are likely to affect consumers’ willingness to spend on these items, changing future consumption patterns.
Employment in April made minimal gains with total employment rising by 15,000. This signifies that the Canadian economy is at full employment. Overall, Canadians are still confident that more job opportunities will surface in the next six months. However, they are less certain than the previous month. Canadians’ share of optimistic views on future job prospects is at 21.4 per cent – 3.5 percentage points lower than last month.
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