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Second Wave of Coronavirus Wallops Canadian Consumer Confidence

Second Wave of Coronavirus Wallops Canadian Consumer Confidence

(Bloomberg) — Canadian consumer confidence recorded its largest one-week decline in five months as the nation gets hit by a second wave of Covid-19 cases.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations derived from telephone polling, dropped more than half a point to 52.4 for the week ended Oct. 9. That’s the biggest weekly decline since April, bringing the gauge to the lowest since mid-August.

The sharp decline in sentiment coincides with new lockdowns on activity in the country’s two largest provinces, Ontario and Quebec, which are experiencing a sharp rebound in cases. On Friday, Ontario’s government announced closures of businesses and restrictions on family gatherings, in three regions, including Toronto. That comes after similar restrictions in Quebec in recent weeks.



chart: Canadian consumer confidence takes second-wave hit


© Bloomberg
Canadian consumer confidence takes second-wave hit

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses.

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The slide in confidence last week was the first major move for the index since mid-August, when Canadian household sentiment began to plateau after recouping more than four-fifths of pandemic-related losses.

The drop reflects declining sentiment around the broader economic outlook, despite relatively robust indicators in recent weeks including a surprise jobs gain in September. The share of households that expect the economy will strengthen over the next six months dropped to 16%, its eighth weekly decline since hitting a post-pandemic high of 25% in mid August.

Canadians, however, remain bullish on housing. About 44% of respondents expect the value of real estate in their neighborhood will go up over the next six months. That’s unchanged from last week, with the reading for that question hovering at

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Hungarian consumer confidence worsens for third month in a row -survey

Hungarian consumer confidence worsens for third month in a row -survey

BUDAPEST, Oct 9 (Reuters)Hungarian consumer confidence deteriorated for a third month in a row in October as households turned more pessimistic about their own financial situation, a survey showed on Friday.

Think tank GKI’s consumer sentiment indicator dropped to -34.2 points in October from -31.1 points in September and -29.6 points in August.

GKI said consumer confidence, which plunged by 38 points in April in the midst of the first wave of the coronavirus pandemic, rose by almost 23 points in the May-July period. Then it fell again in August-October as fears of a second wave of the pandemic strengthened.

“The trend is worsening,” GKI said.

GKI said households turned more negative about their own finances in October and their concerns about unemployment have been increasing at an accelerating speed.

However, their opinion about their future ability to save improved slightly in October.

Earlier this week, retail data showed that calendar-adjusted retail sales HURETY=ECI declined by an annual 0.7% in August after a 0.4% growth in July.

On Thursday, Finance Minister Mihaly Varga said Hungary’s economy could return to its early 2019 levels in the first half of 2022, with the recovery from the coronavirus-induced slowdown being slower than previously expected.

(Reporting by Krisztina Than; Editing by Toby Chopra)

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Consumer Confidence Dips, But Republicans Still Notably Optimistic

Consumer Confidence Dips, But Republicans Still Notably Optimistic

As the White House battles a coronavirus outbreak that includes the president being diagnosed with Covid-19, Americans’ overall confidence in the economy has taken a slight dip. But confidence is still holding fairly steady in spite of widespread health concerns about the pandemic.

Overall consumer confidence measured at 52 this week, according to the Ipsos U.S. Consumer Confidence Weekly Tracker. That’s a decrease of 2.6 points from last week.

Ipsos, which surveyed 921 respondents online on Oct. 6 and 7, provided the results exclusively to Forbes Advisor. The survey is conducted weekly to track consumer sentiment over time, using a series of 11 questions to determine whether consumers feel positively or negatively about the current state of the economy and where it looks to be going in the future. 

Each of the subcategories Ipsos tracks to measure overall confidence, including current financial situation, financial outlook, investment confidence and job security confidence, decreased from last week. Only one of them exceeds pre-pandemic levels. 

The expectations index, which measures how respondents view their personal financial situation and local economy, was down 1.5 points this week, but remains nearly two points above its early-March 2020 levels. That number is above the pandemic average by about two points, and above the historical average (since 2002) by more than four points.

A majority of Americans continue to believe that reopening the economy is the right thing to do, with 52% of respondents agreeing the economy will recover quickly once pandemic restrictions are relaxed. Meanwhile, 47% said the economy should be reopened even if the coronavirus isn’t contained—a decrease of two points from last week.

Republicans Consistently More Confident in Economy Than Democrats

During the pandemic, people identifying as Republicans have been the most confident, while Democrats have been the least confident, with as

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