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Consumer spending edged up in May but has been trending downward in recent weeks.
The rise in consumer spending from April through to the beginning of May was partly because of an increase in consumer confidence, thanks to a broader easing of restrictions. However, consumer confidence declined in May.
Canadians are feeling the pinch of higher costs. In particular, Canadians are spending more on energy, which has a cascading effect on all sectors of the economy.
Canada’s labour market continues to be the economy’s saving grace. With the backing of a strong labour market, Canadians will continue to spend their savings on travel and recreational services this summer. However, as fall approaches, consumers will likely alter their spending patterns.
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