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Canadians more optimistic about economy

September 29, 2009

Rising optimism about a job market in which unemployment is 
nevertheless running at an 11-year high of 8.7% helped lift the index, 
which measures consumer attitudes toward major economic trends. 

OTTAWA -- Canadians' optimism about the economy rose for the seventh 
straight month in September, the longest streak of consecutive 
increases since 2002, the Conference Board of Canada reported Tuesday.

The board's confidence index climbed 2.5 percentage points during the 
month, lifting the measure to a reading of 90.9 after having fallen to 
67.7 in the depths of the economic downturn late last year.

It is the index's highest reading since April 2008.

Rising optimism about a job market in which unemployment is 
nevertheless running at an 11-year high of 8.7% helped lift the index, 
which measures consumer attitudes toward major economic trends.

The share of respondents who said they expect more jobs six months from 
now rose 1.3 points to 22.8%, three times higher than in January.

Respondents' greater optimism about their current financial situation 
also contributed, as the number who felt their families were worse off 
today than six months ago fell 3.2 percentage points to 23.6%. At the 
same time, those who felt they were better off rose 1.3 points to 
13.7%.

However, respondents' pessimism about their future economic conditions 
also rose, with the number who said they would be better off falling 
0.8 percentage points to 27.5.

Attitudes toward making a major consumer purchase moved into positive 
territory, and at a reading of 49.9%, reached its highest point since 
November 2007.

Regionally, the only area where consumer confidence fell was the 
Prairies.

The study was conducted in early September and has a margin of error of 
plus or minus 2.2%.