\n\tThe Conference Board of Canada says the latest consumer confidence numbers show the index hitting its lowest level since the height of the recession.<\/p>\n
\n\tThe Ottawa think tank said Thursday its Index of Consumer Confidence posted a 6.5-point drop in December, bringing 2011 to a “disappointing” close and signalling further belt-tightening by Canadians is in store.<\/p>\n
\n\tAt 69.9, the index is down 11.1 points from where it was at the end of 2010 _ its lowest point in more than two and a half years.<\/p>\n
\n\t“Consumers continue to report deep concerns about their financial situation,” the board said.<\/p>\n
\n\t“At a time when the major banks are warning that consumer debt levels have risen to record levels, Canadians say they are losing ground.”<\/p>\n
\n\tThe board uses a 2002 base of 100 in compiling the index, which reflects how Canadians feel about the economy, job creation, future major purchases and their personal finances.<\/p>\n
\n\tThe board said opinion eroded on all four questions, but responses to the major purchases question were particularly gloomy.<\/p>\n
\n\tIn December, just 34.1% of respondents said now is a good time to buy a big-ticket item like a car or an appliance, down 1.9 percentage points from November and the eighth consecutive monthly decline.<\/p>\n
\n\tMore worrisome is that 54% said now is a bad time to make a major purchase, up 3.5 percentage points and more than 10 points higher than a year ago.<\/p>\n
\n\t“The results reflect the Conference Board of Canada’s recent economic forecast, which suggests that consumer spending will remain weak in the coming months.”<\/p>\n
\n\tConfidence was down across the country, with the biggest drop in Atlantic Canada, wiping out a recent gain after the Halifax Shipyard won a $25-billion shipbuilding contract earlier this fall.<\/p>\n
\n\tBritish Columbia registered a third consecutive monthly decline, and confidence also dropped in Ontario and Quebec, the heart of Canada’s manufacturing sector.<\/p>\n
\n\tThe Prairie provinces recorded only a small drop and confidence in the resource-rich region remains the highest in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
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