(Bloomberg) — The swift recovery in Canadian consumer confidence over the summer has petered out, weighed down by concern around the economic consequences of a second wave of Covid-19 as cooler weather approaches.
The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, was unchanged at 52.7 last week. The stall reflects waning optimism about the economic outlook.
“After a period of improving consumer confidence, the trajectory of the positive trendline is beginning to flatten,” Nik Nanos, chief data scientist at Nanos Research, said in the report. “There could be a slow down in the Covid-19 economic recovery.”
The stall in consumer confidence has been largely predicted by economists who say the fall and winter months will bring a slower recuperation because some social-distancing restrictions will remain amid concern over a second Covid-19 wave.