Canadians’ confidence in the labour market is the lowest it’s been in 10 months. According to the latest Index of Consumer Confidence released by the Conference Board of Canada, this concern over jobs has translated into negative attitudes toward major purchases. Overall, Canadians are not expecting to spend a lot of money this spring.
“The survey results do not bode well for the sale of big-ticket items going forward, as negative answers have now outnumbered positive ones for nearly three years,” says Conference Board economist, Todd A. Crawford.
The biggest drop in confidence is in Ontario, where more than a third of respondents said they expect there will be fewer jobs going forward.
While Canadians were already feeling skittish about the job market this March, they were still moderately optimistic about making major purchases. When the Conference Board asked consumers if they felt now was a good time to make a major purchase in March, 42% of respondents indicated it was, up three points from the previous month.
Crawford says that while the share of those who said it is still a good time to make a major purchase (such as a car, home, or other major item) continued to inch higher this month, rising to 42.1%, that was offset by a larger increase in the share who said they think now is a bad time to make such a purchase.