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Nanos Consumer Confidence Resilient After Latest BoC Hike

CANADA DATA
  • Consumer confidence increased 0.5pts to 52.7 in the week to Jul 21 for the largest weekly increase since May 5.
  • It pushes it back closer to recent highs of 53.1 from early June, but remains off the 55-60 region seen pre-pandemic.
  • Weekly improvements were broad-based, seen in backward-looking personal finances, current job security and forward-looking views on the economy, whilst forward-looking real estate optimism was little changed.
  • It’s only a small survey with a four-week rolling average of a combined 1000 responses but the relative resilience comes after the BoC hiked a further 25bp to 5% back on Jul 12.
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