Canadian Consumer Confidence Crumples

27 June 2012 12:30 - Phoebe Robinson

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Canadian Consumer Confidence Crumples

Consumer confidence has started to rut.  Figures have shown that confidence in Canada has fallen in June back to levels that have not been seen since January.  It seems as though the eurozone crisis is having a knock-back effect on the global economy as consumers become increasingly worried about job prospects.

The public seem to have, more than ever a negative opinion on the labour markets.  A survey taken on consumer’s thoughts on the economy was taken this month and it has shown a drop of 6.8 points to a reading of 74, as confidence fell all over the country. Before the economic crisis began the main indicator was between 96 and 105.

  Economist Pedro Antunes pointed out “Consumers in general are much attuned nowadays to the fact that the external environment can have such as a big impact and repercussions on our own economy. I think they’re concerned about what we’re hearing in the media about what is going on in Europe.” 

It does not help that the mood in the neighbouring US is equally as gloomy with consumer confidence continually falling there as well.

It is most likely that the slip in consumer confidence seen in recent months is due to have been caused by a slowdown in employment growth that has caused household views on the labour market conditions to deteriorate.   

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Related Links:
• Economic Events
Scheduled Economic Events
• The Conference Board Canada
Offical Website

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