Canadian consumer confidence drops in November

Thu Nov 26, 2009 10:25am EST
 
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TORONTO (Reuters) - Consumer confidence in Canada fell in November for a second consecutive month, highlighting how fragile the perception of an economic recovery is at this time, the Conference Board of Canada said on Thursday.

The consumer confidence index dropped 5.7 points in November from October to 79.0, which is below pre-crisis levels. Consumers generally were more pessimistic in November than in October about their financial situation.

In a telephone survey of more than 2,000 people, 27.1 percent said their situation would improve, down 0.6 percentage points from October, while 13.8 percent felt their situation would worsen, an increase of 2.4 points.

Opinions on future employment fell in November, with more than three-quarters of respondents expecting no job creation in their communities over the next six months.

The report said 19.7 percent of respondents expect more jobs six months from now, down 3.2 points, while 25 percent said they expect fewer jobs six months from now, an increase of 1.2 points.

And when asked if it was a good time for a major purchase, 45.7 percent said it was, down 0.8 points. Another 45.2 percent said it was not a good time to make a purchase, up 1.8 percent from the previous month.

The survey was conducted from August 5 to 15 and the margin of error is plus or minus 2.2 percentage points.

(Reporting by Frank Pingue; editing by Peter Galloway)