No doubt the fall on the Prairies reflects the steep decline in energy prices although the decline means that it will be less expensive to drive and perhaps there will be little in the way of price increases. That may not mean much if you are losing your job in the oil fields or related industries.
Consumer confidence weakens on economic uncertainty
Last Updated: Monday, November 24, 2008 8:51 AM ET
Canadian consumer confidence is continuing to erode, and has now fallen to levels not seen since the recessionary years of 1982 and 1990, the Conference Board said Monday.
The Ottawa-based research group said its index of consumer confidence slipped 2.9 points from October's reading, and now stands at 71 points.
"The ongoing troubles in equity markets undoubtedly had a negative effect on consumers' view of their family financial situations and future job prospects in their communities," said Paul Darby, the conference board's deputy chief economist.
"The one area for optimism is that 25.9 per cent of respondents said it was a good time to make a major purchase, up slightly from the October results. The increase on this question may indicate that the slide in the index is bottoming out," Darby said in a release.
The index is based on a survey conducted from Nov. 6 to 13. The conference board said the poll is accurate to within 2.19 percentage point, 19 times out of 20.
The research group said consumer confidence fell in the Prairies by the largest one-month decline on record. Sentiment in British Columbia, Ontario and Quebec also declined, while the index in Atlantic Canada rose by just 0.2 percentage points.