Canadian consumer confidence rose from three-year lows in August as households became more secure about their job security, according to a Nanos Research poll.
The Nanos Economic Mood Index for August rose to 101.3 from 100.2 in July, which was the lowest since the first quarter of 2009, according to a report by the Ottawa-based polling company.
Job security was strongest in provinces such as Alberta and Saskatchewan, which are benefiting from a boom in energy investments, the poll found.
“Positive perceptions continue to be driven by Canadians who live in the energy-driven prairie provinces,” said Nik Nanos, president of the polling company.
A greater number of Canadians said they were more confident about their employment status over the past month, with the balance of opinion between those who say their jobs are secure and those who say they are not rising to a four-month high of 38.3 in August, up from 30.8 last month, the report said.
Canadians were also less pessimistic about economic growth, with the balance of opinion on whether the economy will be stronger or weaker in the next six months improving to negative 4 in August compared with negative 6.9 in July, the Nanos poll found. These positive responses were offset by shrinking expectations for real estate price gains, which are at their lowest since 2009.
“If views related to real estate continue to slide, it could result in a dampening effect on future consumer confidence in Canada,” Nanos said.
The Nanos poll of 1,000 Canadians was taken between Aug. 16 and Aug. 17.
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