CONSUMER SENTIMENT TICKS UP

Consumer confidence continues to show signs of improving in Canada, inching higher for a sixth straight week. The Bloomberg Nanos Canadian Confidence Index, based on a random survey, ticked up slightly to 41 last week, from 39.5 a week earlier. While the index remains near its worst-ever readings recorded in April, the rise in confidence is consistent with other data that suggest economic activity is resuming as the country gradually reopens from COVID-19 restrictions. Canadians are increasingly buying into the idea that the impact of the pandemic has peaked, with 15.2 per cent saying they believe the economy will strengthen over the next six months. Pessimists still outnumber optimists by almost five to one, with 69 per cent saying the economy is weaker. That’s still better than a few weeks ago when 80 per cent saw the economy weakening.