Consumer confidence is on the rise in Canada as provinces loosen COVID-19 restrictions.
The Conference Board of Canada says its June consumer confidence index rose to 79.7.
The index now stands at two-thirds of its pre-COVID level and has recovered half of its COVID-induced losses.
Pedro Antunes, chief economist at the Conference Board of Canada, said the results show a marked improvement from the record low in April.
“What’s especially encouraging about the June results is that they are broad-based and show a positive consensus forming nationally,” said Antunes in a statement.
British Columbia recorded the largest monthly increase while Ontario posted the smallest rise.
While Canadians have a rosy outlook concerning their job prospects, the Conference Board said they remain concerned about their current financial situation.
“This concern has translated into cautious spending as households are holding back on major purchases in the near-term,” said the board.
The number of Canadians who believe now is a good time to make a major purchase has risen to 20.4 per cent, up 5.8 percentage points from May.
While the proportion who feel pessimistic about major purchases fell to 57.5 per cent, the figure is still higher than its peak during the 2008-09 financial crisis.
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