Economy

Canadians’ view on economy, personal finances sinks

Published

12 months ago

November 8, 2023

Canadians’ outlook on the economy darkened in October as decades-high interest rates continue to sap consumer spending, the housing market and growth.

Two thirds of participants in the latest Maru Public Opinion survey said they do not believe the economy will improve over the next two months, an increase of two percentage points from the month before.

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Signs have been building in recent weeks that Canada’s economy is stalling. Gross domestic product was flat in August, and a similar estimate for September has economists predicting that the country is already in a technical recession or two straight quarters of GDP contraction. A weaker jobs report for September added to evidence of a fading economy.

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Canadians are also more negative about their personal finances.

The Maru’s Household Outlook Index (MHOI) fell further into pessimistic territory to 83 from 84 the month before — the lowest reading since its inception in April, 2021. Anything below 100 on the index is negative and anything above indicates optimism.

Only 10 per cent of people surveyed said their financial position has improved and almost four in 10 people said they rely on government benefits to make ends meet. The latter is the highest level since the depths of the pandemic in July, 2020, said Maru.

Fewer Canadians said they intended to buy a home and more said they were considering moving to a smaller home. The number of people who said they would invest in financial markets fell to 28 per cent from 31 per cent in the previous survey.

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Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

8 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

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