Consumer confidence drops

Canadian consumer confidence fell sharply this month, and was the latest economic indicator to drop this week, along with employment, the housing market, and the Canadian dollar.

According to the latest consumer confidence survey conducted by TNS, the Canadian Consumer Confidence Index tumbled in February from 99.1 to 95.5, its lowest level since August.

The Present Situation Index, which measures how people feel about the economy right now, plunged almost six full points, falling from 99.8 to 93.9.

The Expectations Index, which measures people’s outlook for the economy six months from now, was the one sub-index which remained relatively stable, dropping a statistically insignificant 0.3 points.

The Buy Index, which measures how Canadians feel about purchasing a “big ticket item” such as a car or a major household appliance, dropped 3.6 points in February, its lowest point since October 2010, and the largest single-month drop in two years.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.