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OTTAWA -- Canadian consumers are becoming increasingly confident about the prospects for an economic recovery and appear ready to start spending again, according to a national confidence survey.
The TNS Canadian Facts, a marketing and research group, said Thursday its consumer confidence index climbed to 94.1 this month, up from 90.5 in April and 83.7 in March.
"The picture developing in the minds of Canadian consumers is one of steadying confidence," said Michael Antecol, vice-president of TNS Canadian Facts.
"Much like the stock markets, consumers have discounted the negative economic news in their future assessments -- and those assessments are getting brighter."
The group`s present situation index, which tracks sentiment about the overall state of the economy and the labour market, jumped to 78.9 in April from 75.3 the previous month.
Its expectations index -- a measure of how consumers see the economy, household income and employment in six months -- rose for the fifth straight month to 101.4 from 97.4 in April.
Meanwhile, the group said its buy index, which monitors views on whether now is a good time to make major purchases, rose to its highest point since July 2005. It advanced to 107 in May from 103.9 the previous month.
"Canadians think the economy is getting better. They have really positive expectations for the future. And -- maybe most importantly -- they see the current environment as a pretty darn good time to make substantial purchases, perhaps reflecting the fact that the Bank of Canada key lending rate is at a historic low," Antecol said.
"All in all, we have a nice recipe for recovery, but the question is `when will Canadians pull the trigger on their purchases?`. I think they will soon."
TNS Canadian Facts polled 1,015 Canadians between May 11 and 14. The survey`s margin of error is plus or minus 3.1 percentage points, 19 times out of 20.
Read the full article here.
The TNS Canadian Facts, a marketing and research group, said Thursday its consumer confidence index climbed to 94.1 this month, up from 90.5 in April and 83.7 in March.
"The picture developing in the minds of Canadian consumers is one of steadying confidence," said Michael Antecol, vice-president of TNS Canadian Facts.
"Much like the stock markets, consumers have discounted the negative economic news in their future assessments -- and those assessments are getting brighter."
The group`s present situation index, which tracks sentiment about the overall state of the economy and the labour market, jumped to 78.9 in April from 75.3 the previous month.
Its expectations index -- a measure of how consumers see the economy, household income and employment in six months -- rose for the fifth straight month to 101.4 from 97.4 in April.
Meanwhile, the group said its buy index, which monitors views on whether now is a good time to make major purchases, rose to its highest point since July 2005. It advanced to 107 in May from 103.9 the previous month.
"Canadians think the economy is getting better. They have really positive expectations for the future. And -- maybe most importantly -- they see the current environment as a pretty darn good time to make substantial purchases, perhaps reflecting the fact that the Bank of Canada key lending rate is at a historic low," Antecol said.
"All in all, we have a nice recipe for recovery, but the question is `when will Canadians pull the trigger on their purchases?`. I think they will soon."
TNS Canadian Facts polled 1,015 Canadians between May 11 and 14. The survey`s margin of error is plus or minus 3.1 percentage points, 19 times out of 20.
Read the full article here.