Consumer confidence continues to plummet with nearly half of Canadians (47%) reporting that their personal finances are worse off compared to a year ago, according to weekly polling by Nanos Research for Bloomberg.
Consumer confidence continues to plummet with nearly half of Canadians reporting that their personal finances are worse off compared to a year ago, according to weekly polling by Nanos Research.
"The kicker is that this is a new record," said Nanos Research Chair Nik Nanos on the latest CTV News Trend Line podcast. Only 13.4 per cent of respondents said their finances have improved since last year, while the remaining 37.1 per cent reported no change, and 2.6% of people said they were unsure.
Only nine per cent said they believe the economy will strengthen over that period, while 20 per cent say there will be no change."So people are buckling up for a potential recession. They don't know whether it could be a mild recession, which is what some in the Bank of Canada believe it will be,” said Nanos. “But Canadians are bracing themselves for bad news."predicted last week that Canada could see a potential recession in the first half of 2023, with growth slowing from 3.
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