Canadian consumer confidence drops in April

* Survey shows gloom on financial prospects

* No great expectations for employment either

TORONTO, April 27 (BestGrowthStock) – Consumer confidence in Canada
fell in April, a reminder of the fragility of the current
economic recovery, the Conference Board of Canada said in a
survey published on Tuesday.

The board’s consumer confidence index fell 7.8 points to
84.8 in April, with the balance of opinion worsening on all
fronts. Respondents’ views on their current and future
financial situations were particularly negative.

Respondents who said their financial situation had improved
over the past six months rose just 1 percentage point to 15.6
percent, while those who said they are worse off financially
than they were six months earlier rose 4.7 points to 24.2
percent.

The number of respondents who said their financial
situation will worsen over the next six months rose 6.5 points
to 18.9 percent. Negative sentiment about future finances has
been trending higher for the past six months, the Conference
Board said.

Sentiment on expectations about employment dipped in April.
Respondents were asked if they felt there would be more jobs in
their communities six months from now, and 26.7 percent replied
that they did — a 3.1 percentage point decrease.

The share of respondents who said they feel there will be
fewer jobs in six months rose 1.2 points to 17.2 percent, the
survey said.

The Conference Board noted, however, the broader trend on
employment had been positive over the past 12 months.

Western provinces experienced declines in confidence
readings, as did Quebec, the Conference Board said. Ontario and
Atlantic Canada, however, “managed to escape the gloom,” it
said.

The index rose modestly in March. [ID:nN24146249] The
latest survey was based on interviews conducted between April 8
and 19.

Stock Report
(Reporting by Jennifer Kwan; editing by Peter Galloway)

Canadian consumer confidence drops in April