Tepid recovery in consumer confidence The Index of Consumer Confidence climbed 16.2 points in May, after hitting a record low last month.
The Index of Consumer Confidence climbed 16.2 points in May, after hitting a record low last month. The Index now sits at 63.7 (2014 = 100), slightly higher than its trough during the 2008 financial crisis (56.3). Consumers felt more confident in May compared with April across all regions in Canada. Atlantic Canada posted the largest monthly increase among provinces (up 21.7 points), while the Saskatchewan–Manitoba region recorded the smallest gain (up 9.5 points).
As governments announce plans to relax restrictions and slowly reopen the economy, Canadians are feeling more optimistic about the impending economic recovery. However, without a clear timeline on the return to normalcy, the rebound this month was tepid. The Index is still down nearly 60 points since February, before the lockdown.
Read the full report: Index of Consumer Confidence