Canadian consumer confidence rises in January
Consumer confidence rose in January with Canadians more optimistic about jobs, personal finances, and their ability to make a major purchase, according to the Conference Board of Canada.
The board's consumer confidence index climbed 7.1 points from December to 88.1, with strong advances in Ontario and the Prairie provinces, offsetting weaker results in Quebec, Atlantic Canada and British Columbia.
In January, 28.1% of respondents to the board's survey said their financial situation would improve over the next six months, an increase of 3.3 % from the December survey. Also, the number of respondents who said their financial circumstances would not improve declined.
Although fewer respondents said their financial situation had improved over the last six months, there was also a 1.8 percent drop among respondents who said their family's finances had worsened.
Despite recent warnings from the Bank of Canada about consumer debt, 44% of Canadians — a 5.5% rise — said now is a good time to make a major purchase, such as a major appliance, a car or even a house.
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