Still missing some 25% of jobs lost in the first shutdown phase, Canadians are feeling less confident as the most populous areas in Ontario and Quebec re-enter Stage 2 restrictions, banning indoor dining, gyms and movie theaters for at least 28 days.
The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, dropped more than half a point to 51.9 in the week ended Oct. 16. The third-straight weekly decline and the lowest since mid-August. See Virus resurgence sends Canadian confidence lower for a third week.
Just 14% of respondents believe the economy will be stronger in the next six months, the lowest level since the end of May. But, 43% of respondents still expect the value of real estate in their neighbourhood to increase over the next six months.
Less income with higher debt and shelter costs = bad combo.
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