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The Index of Consumer Spending is powered by exclusive consumer transaction data provided by Moneris Data Services. Moneris is Canada’s number one payment processor with over 3.5 billion transactions spanning more than 325,000 merchant locations. Our index tracks incremental changes in net transaction volume month-over-month from a set starting point (April 2022 = 100), enabling us to gauge economic activity levels across the country and provide insights into how the Canadian economy is performing coast to coast.
The Index of Consumer Spending (ICS) ticked up in May this year, but declined slightly in June, weighed down by Canada’s two largest provinces. How much of this decline can be attributed to a cooling labour market? Did price deflation for certain retail groups factor here? How much of the ICS decline can be attributed to high housing costs or consumers anticipating higher mortgage rates at renewal, despite an interest rate cut in June?
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