Consumer sentiment improves amid government’s COVID-19 response

As the economy slowly returns to normalcy, consumer confidence in Canada is slowly improving as measured by the Canadian Confidence Index. Both the number of Canadians who say their financial situation deteriorated over the past year and the number of those expecting weaker economy over the next several months also dropped. Combined together, these indicators signal that the wage subsidy program and additional income support programs introduced by the government are propping up confidence Canadians feel about the job market and the future of the economy in general.

Key Takeaways:

  • There are some signs of hope, as new data suggests that Canadians have better financial prospects.
  • The trends in the new data suggest that government intervention has helped as intended.
  • While consumers were very negative right after the coronavirus started, things are looking more positive now.

“The government’s income support programs have made Canadians a bit more hopeful about the future in general.”

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