March 12, 2009

Survey: Canadians see economy as ‘dismal’

The majority of Canadians asked said they see their economy as being in a dismal state, a consumer confidence poll published Thursday indicated.

The TNS Canadian Facts telephone survey of 1,015 adults last week resulted in the marketing and opinion group lowering its consumer confidence index to 83.7, down from 85.9 in February.

The survey found 16 percent of Canadians said they think the current economy is at least fairly good, compared with 59 percent a year ago.

With the troubling economy continuing to dominate our news, it comes as no surprise that Canadians believe that current conditions are dismal, said TNS Vice President Richard Jenkins. "Given the deep pessimism about the economy at this point, it's hard to escape the conclusion that an economic turnaround will not be possible until consumers regain their lost confidence.

Despite the gloominess, the group's expectation index that measures household income and employment rose from 86.5 in February to 87.4 in March, reflecting some optimism.

TNS said the survey's margin of error was 3.1 percentage points.