Canadian consumers were a little less confident in August, particularly regarding job creation and their household finances, according to The Conference Board of Canada’s Index of Consumer Confidence.
The index fell 6.6 points, to a reading of 74.7. This marks the fourth consecutive month of decline and the lowest level of confidence since July 2009.
“This is the first really substantial month-to-month decline. Clearly, the uncertainty is weighing heavily on Canadian consumers,” said Pedro Antunes, director, national and provincial forecast, with The Conference Board of Canada. “Negativity toward future job creation and an unwillingness to make a major purchase were the primary signs of this waning consumer confidence.”
Only 16.2% of respondents said they expected more jobs in their community in six months, its lowest level since the summer of 2009.
Just 23.1% of respondents indicated than they expect their financial situation to improve over the next six months, down 3.4 percentage points from July. Half of respondents said that this was a bad time to make a major purchase.
This month’s survey was conducted between Aug. 4 and 14, 2011. The margin of error is plus or minus 2.2%.