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Consumer Confidence At Lows Outside Of Initial Lockdown, Late 2008

  • Continued acceleration in the deterioration in Nanos consumer confidence last week, down from 45.8 to 44.4, through the July low after three solid weekly declines.
  • It has only been lower in Apr-Jun 2020 or 2008/early 2009 (started 2008).
  • The 30pt gap between 44% seeing their personal finances worsen over the past year vs 14% improving is the second-largest on record.

Bloomberg Nanos Confidence (white) and GoC 2s5s spread (yellow)Source: Bloomberg

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