Economy

Consumer sentiment in Canada stalls; 51% say economy will weaken – BNN

Published

4 years ago

October 5, 2020

Canadian consumer confidence recorded its smallest monthly gain since the start of the pandemic, another sign the swift economic recovery of summer is petering out.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, ended September at 53.1, little changed from 52.7 at the end of August. It had fallen to a record low of 37 in April, from about 56 just before the pandemic.

The slowdown of consumer confidence has been predicted by economists who say the fall and winter months will bring a slower recuperation of the economy.

The bright spot in confidence has been expectations for higher home prices. That’s helped to offset declining sentiment around the broader outlook, as rising virus cases prompt local authorities to impose new social distancing measures.

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses.

September Highlights

Optimism about the economic outlook is dwindling. The share of Canadians who expect the economy will strengthen over the next six months fell to 18.3 per cent at the end of last month, down from 23 per cent at the end of August. About 51 per cent of respondents in polling said the economy will weaken, the highest share in two months
Canadians, however, are bullish about housing. About 44 per cent of respondents expect the value of real estate in their neighborhood to rise over the next six months. That’s up from about 40 per cent a month ago, and one of the strongest readings in the past seven years
The share of Canadians who are at least somewhat concerned about job security was about 14 per cent at the end of September, little changed from a month earlier. That number peaked in April at about 25 per cent
There was a small decline last month in the number of Canadians who say their finances have worsened over the past year. About 28 per cent of Canadians say their finances have deteriorated, well below readings of more than 40 per cent at the height of the crisis, but still slightly higher than historical averages for the question

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

1 day ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

2 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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