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Consumer Confidence In Canada At Two-Year High

Canadians are feeling better about the economy and their personal finances.

The latest Canadian Consumer Confidence index, which measures people’s views on money matters, has risen to a score of 54, the highest level since May 2022.

A reading above 50 indicates positive sentiment among people surveyed.

Each week, polling firm Nanos surveys 250 Canadians for views on their finances, job security, outlook for the economy, and real estate.

Bloomberg News then publishes a monthly average of the 1,000 responses.

The latest results show that Canadians feel better about topics covered in the poll, lifting the Consumer Confidence Index to a two-year high.

The positive outlook comes after the Bank of Canada cut interest rates at the start of June for the first time in four years, lowering its trendsetting overnight rate by 25 basis points to 4.75%.

The central bank’s move to reduce interest rates charged on mortgages and personal loans was widely expected for several months.

Over the past two years, Canadians had a pessimistic view of the economy and their finances as inflation pushed consumer prices 10% above pre-pandemic levels.

Across the country, sentiment is most positive in Quebec and Atlantic Canada and weakest in British Columbia and Ontario.