Canadians worry about jobs, see rosier 2010: survey

Tue Dec 1, 2009 5:12am EST
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TORONTO (Reuters) - Most Canadians expect the economy will improve over the next year, but are not as optimistic about the short term, a new consumer confidence survey showed on Tuesday.

The RBC Monthly Canadian Consumer Outlook Index, launched on Tuesday, measures how people feel about the economy, their personal finances, job anxiety and interest rates.

More than three in five, or 62 percent, expect the economy to improve over the next year, while 14 percent expect it to worsen.

Nearly 40 percent think their personal financial situation is worse than it was three months ago, but 27 percent think their personal financial situation will improve in the next three months.

Longer term, 38 percent expect their personal economic situation to improve over the next year.

"Recovery is in sight for the world economy," said Dawn Desjardins, assistant chief economist at Royal Bank of Canada.

"We're off to a slow start but the economy will start to build steam and unemployment will reach its peak early next year and then fall off."

Last week, the Conference Board of Canada said consumer confidence fell in November for a second consecutive month, highlighting how fragile the perception of an economic recovery is at this time.

Data on Monday showed the Canadian economy edged out of recession in the third quarter after three quarters of contraction, but the growth was just 0.4 percent on an annualized basis, below market forecasts.   Continued...

<p>A woman, photographed through a window covered in rain droplets, walks through the financial district in Toronto, April 3, 2009. REUTERS/Mark Blinch</p>