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Money Consumer Confidence Index Shows Big Drop In Western Canada After Election

08:45  05 november  2019
08:45  05 november  2019 Source:   huffingtonpost.ca

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HuffPost Canada /Bloomberg Nanos Canadian Consumer Confidence Index . Besides triggering an upsurge in a nascent Western Canadian separatist movement now dubbed Wexit, the election outcome was viewed by many in the West as bad news for the oil and gas industry.

The Bloomberg Nanos Canadian Confidence Index -- a composite 21 election . Although they returned to power with a minority government, Trudeau’s Liberals were completely Consumers also reported less confidence about their pocketbooks, with readings dropping to the lowest since May.

a bridge over a body of water: Skyline of the city Calgary, Alberta, Canada along the Bow River with Peace Bridge© Provided by Oath Inc. Skyline of the city Calgary, Alberta, Canada along the Bow River with Peace Bridge

It seems people on the Prairies aren’t holding out much hope that the Liberal minority government will do much good for them, money-wise.

Confidence in the economy dropped sharply in the Prairie provinces in the days after the Oct. 21 vote, according to data from the latest Bloomberg Nanos Canadian Confidence Index.

The index for the Prairies dropped below the crucial 50 mark in the week ending Nov. 1, meaning a majority of Prairie residents now take a negative view of the outlook for their finances. It’s the only part of the country with a score below 50.

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The consumer confidence index showed a “pronounced collapse in consumer confidence YouGov said that although a score over 100 shows more consumers are confident than not, the “The data shows a sharp drop in consumers ’ confidence about their own financial situation and

The 2019 Canadian federal election (formally the 43rd Canadian general election ) was held on October 21, 2019, to elect members of the House of Commons to the 43rd Canadian Parliament.

a screenshot of a cell phone screen with text: A consumer confidence graph shows how the Prairies is the only part of the country with a score below 50. © Provided by Oath Inc. A consumer confidence graph shows how the Prairies is the only part of the country with a score below 50.

The confidence index typically only drops below 50 during particularly bad economic periods. The last time the score for Canada as a whole was below that level was during the 2008 financial crisis.

Consumer confidence can play a major part in an economy’s direction. How people view their financial situation influences their decisions as consumers, and therefore the economy as a whole.

The index declined since the vote in B.C., Quebec and Atlantic Canada as well, though not nearly to the same extent as in the Prairies.

Only in Ontario are people more positive about the economy today, the index showed.

Besides triggering an upsurge in a nascent Western Canadian separatist movement now dubbed Wexit, the election outcome was viewed by many in the West as bad news for the oil and gas industry.

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The post- election surge in consumer confidence has fully reversed. The weakness in the index of consumer expectations was biggest among Republicans, while Democrats' hopes remained low This drop in confidence is not yet steep enough to cause concern about a recession, Curtin said.

The Conference Board's consumer confidence index declined to 121.5 in June, the business research group said on Tuesday. "Although the Index remains at a high level, continued uncertainty could result in further volatility in the Index and, at some point, could even begin to diminish consumers '

The governing Liberals will now require the support of the NDP, or Bloc Quebecois, to pass legislation, and with both parties seen as being less friendly to oil and gas than the Liberals, some in the industry called the election results the “worst possible outcome.”

However, the Liberals could still move forward with oil-friendly policies ― such as construction of the Trans Mountain Pipeline expansion ― with the support of the opposition Conservatives, the stalwart supporters of the energy industry in Parliament.

Older Canadians, low earners happier

Broken down by age group, those under 50 showed a decline in their confidence in the economy, with those aged 40 to 49 showing a particularly strong decline. Those over age 50 saw slight increases in their confidence.

Broken down by income group, the lowest earners ― those with an annual income below $15,000 ― saw a sharp rise in confidence. All other income groups lost confidence to some degree, the index data shows.

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The GfK consumer confidence index dropped five points after a two-point fall in October, taking it to minus eight. Despite recent strong retail sales, the The index , compiled on behalf of the European commission, showed a two-point drop in confidence about respondents’ personal finances over the

Consumer confidence in the United States waned in late July to its lowest ebb since April on growing pessimism about the long-term economic outlook, especially about income and jobs, a survey showed Friday, even as some economists reckon the longest recession in decades may be easing.

Nanos Research collects the data for the index through a weekly telephone poll of 1,000 Canadians, which has an accuracy of +/-3.1 percentage points, 19 times out of 20. The index number is a rolling average of the most recent four weeks of polling.

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This article originally appeared on HuffPost Canada.

Trudeau to hold meetings with opposition leaders .
Prime Minister Justin Trudeau plans to conduct one-on-one meetings with each of the House of Commons party leaders later this month. The meetings will likely be held the week of Nov. 11, according to a spokesperson in the Prime Minister's Office (PMO). The scheduling of those meetings is already underway. Conservative Leader Andrew Scheer, NDP Leader Jagmeet Singh, Green Party Leader Elizabeth May and Bloc Québécois Leader Yves-François Blanchet have each been contacted, the PMO said.The NDP confirmed to CBC News that Singh will be meeting with Trudeau.

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