Canadian pessimism on economy hits recession-era levels
Posted February 9, 2015 12:26 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Dropping oil prices and the coinciding sliding loonie are turning people’s outlook on the national economy into a gloomy one according to new Bloomberg Nanos data.
The Confidence Index has hit a low not seen since the end of May 2013.
“The Expectations Sub-indice, which measures the prospective economic mood has hit a low equivalent to the period in February 2009 during the Great Recession,” says Nanos Research Group Chairman Nik Nanos.
At the same time, people’s own views about their finances and employment is extremely high.
“Lower gas prices, lower interest rates…that’s a positive for the consumer and their personal spending habits so those two counteract the types of impacts right now,” says Economist Brian Yu with Central One Credit Union.
Yu says depending on what province someone lives in, their outlook might be different based on which sectors are being hit around them.
