Canadians still worried about the economy - Macleans.ca
 

Canadians still worried about the economy

Consumer confidence plunged in September


 

A new survey by RBC suggests that consumer confidence dropped in September as a result of uncertainty over the strength of the economic recovery. More than half of Canadians say they are focusing on paying down personal debt. The survey also found that only 60 per cent think the overall economic outlook is good—a drop of seven points from the previous quarter. Since then, more people have also become worried about their jobs, and less than half of those surveyed think the domestic economy will improve. RBC chief economist Craig Wright says “the uncertain and uneven global economic outlook has not gone unnoticed by consumers, translating to heightened anxiety and weaker confidence.”

CBC News


 
Filed under:

Canadians still worried about the economy

  1. With the level of indebtedness we're seeing (higher than anything we've ever experienced before) precisely where is consumer confidence supposed to come from? I think I'd rather see consumer confidence trend lower as opposed to higher. At least then I'd know that consumers are taking a realistic look at their debt situation and not liking what they're seeing. Admitting there is a problem is half the battle.

    And yes, I'm well aware that consumer confidence is a huge factor in determining whether the economy grows or not. But consumer confidence does not exist in a vacuum. There are underlying factors, such as debt levels, which in the long run are far, far more important than how consumers are feeling right this instant.

  2. I was very confident until I read this report, now I'm worried. Better hold off on those purchases I was planning.

    Let me know when I can be confident again, okay, RBC?