Canadian Consumer Confidence Plunges In October

(RTTNews) - Canadian consumer confidence fell in October to its lowest level in more than a quarter-century, according to the Conference Board’s Index of Consumer Confidence.

The survey of 2,000 Canadians was conducted from October 2 to October 8, during the global financial turmoil.

“The global credit crunch and major stock market declines clearly had an effect on consumer confidence in October,” said Pedro Antunes, Director, National and Provincial Forecast. “In addition, consumers felt that they would be worse off in six months, indicating concerns that the financial crisis would not be resolved quickly.”

Although consumer confidence declined significantly when Canadians were surveyed in early October, there have been indications over the past couple of days that global credit markets are beginning to loosen. However, it could take months before lending conditions return to normal.

After three consecutive months of increases, the index fell 11.9 points to 73.9. That is the lowest level since the third quarter of 1982, when the Canadian economy was mired in a recession.

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