10 Sep 2009

Consumer Confidence Rebounds In Atlantic Canada

HALIFAX: The CRA Consumer Confidence Index for Atlantic Canada increased sharply this quarter, according to the most recent poll by Corporate Research Associates, Inc. This measure continues an upward trend since hitting a low point in February of this year, when Consumer Confidence was at its lowest point since 1991. For the first time since early 2008, the Consumer Confidence Index in Atlantic Canada tops 100 points, and currently stands at 101.3 (up from 92.1 in May 2009). Consumer Confidence increased in all four Atlantic Provinces, and remains highest in Newfoundland and Labrador (111.0, up from 99.8), followed by Prince Edward Island (99.8, up from 90.7), New Brunswick (98.6, up from 93.8), and Nova Scotia at 98.2 (up from 86.6).

“While Atlantic Canadians have a more positive outlook on the economy and their personal well being, it will likely take a few more months for consumer spending to catch up with this shift in opinion,” says Don Mills, CRA’s president and CEO.

The Consumer Confidence Index is derived from a series of five questions related to the perceived state of the provincial economy, household economic situation, and conditions for major purchases.  The Index takes into account Atlantic Canadians’ assessments of economic conditions at the present time as well as the outlook for the upcoming year.

These results are part of the CRA Atlantic Quarterly®, an independent, quarterly survey of Atlantic Canadians, based on a sample of 1,507 adult residents. The survey was conducted from August 6 to August 31, 2009. Results are accurate to within +2.5 percentage points, 95 out of 100 times.

For more information, please contact: Don Mills, President and CEO at (902) 722-3100.

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Amanda Bates