A new survey from Research Co. shows that most of Canadians are not happy with the current economy and that their financial status have worsened over the past six months.
As many as 62 per cent of respondents described current economic condition in Canada as “bad” or “very bad”, up five points since Research Co. conducted a similar story in July 2022. In addition, just 35 per cent of Canadians (down five points) rate the economic conditions tight now as “very good” or “good”.
When it comes to their own personal finances, 51 per cent of respondents described their personal finances as “very good” or “good,” which is down six points, while 47 per cent (up six points) defined them as “poor” or “very poor.”
Breaking down the data by province, 27 per cent of Alberta residents said they hold a positive view of the Canadian economy, while 28 per cent of Saskatchewan and Manitoba residents and 29 per cent of Atlantic Canadians said they feel the same way.
Meanwhile, 37 per cent of Ontario residents, 35 per cent of people in British Columbia and 41 per cent of Quebec respondents said they have a positive perspective towards economic condition.
Nearly half of Canadians (44 per cent) said they are pessimistic over the national economic stability and expect the national economy to decline over the nest six months while only 13 per cent predict an improvement.
“Most Canadians aged 55 and over (51 per cent) think an economic recovery in the next six months is unattainable,” Mario Canseco, President of Research Co. said. “The proportions are lower among their counterparts aged 35-to-54 (43 per cent) and aged 18-to-34 (38 per cent).”
More than half of Canadians (52 per cent) said they are worried “frequently” or occasionally” about the value of their investments and their savings safety.
The survey also found that 37 per cent of Canadians have “frequently” or “occasionally” expressed concerned about unemployment affecting their households, while 34 per cent expressed the same feeling about paying their mortgage and 29 per cent feel the same way about their employer running into serious financial trouble.
Most respondents also believe that certain items prices will go higher in the nest six months. For example, 85 per cent of Canadians believe a week’s worth of groceries will be more expensive while 67 per centfeel the same way for a new car price.
The survey also included respondents about whether they believe the prime minister is doing the right thing to help the economy. Of the respondents, 42 per cent said they trust Justin Trudeau, while the ratings are lower (34 per cent) for Bank of Canada governor Tiff Macklem. Fewer people (33 per cent) trust the Conservative Leader Pierre Poilievre to do the right thing to help the economy.
METHODOLOGY
The results are based on an online study conducted from Jan, 13 to 15, 2023, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. The results are considered accurate within +/- 3.1 percentage points, 19 times out of 20.
Reporting for this story was paid for through The Afghan Journalists in Residence Project funded by Meta.
OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.
However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.
The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.
This report by The Canadian Press was first published Oct. 17, 2024.
OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.
In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.
The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.
Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.
In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.
It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.
This report by The Canadian Press was first published Oct 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.
The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.
The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.
Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.
Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.
Overall manufacturing sales in constant dollars fell 0.8 per cent in August.
This report by The Canadian Press was first published Oct. 16, 2024.
