For many consumers, reading headlines about the Canadian economy brings with it a lot of confusion. While economists continue to claim lower unemployment rates and higher consumer spending, it's difficult to make light of what is really happening in our economic world. Analysts predict an economic upswing, the housing market predicted a bubble burst, and the rest of the world wonders how Canada seems to remain unscathed by the same recession that crippled many other countries.
In May, it was posted that the Canadian economy added an additional 24,700 jobs to the labour force. However, in a June poll taken by the Conference Board of Canada, it found that when it comes to consumer's economic confidence, the points have fallen by 5.7 per cent, which officially eliminates any gains Canada had in May. The index is officially 13 points behind where it started at the beginning of the year.
Even with recent labour force surveys showing a steady climb in jobs, many people are worried about the employment prospects as more and more Canadians are concerned about job losses. Several large companies have announced layoffs to reconstruct themselves, save money or shift their interest into other areas. Companies such as GM, giants like Goldman Sachs and Merrill Lynch & Co. along with Canada's Navy, just to name a few. Last month, Shell announced it will be closing its Montreal refinery and will be laying off more than 900 workers by the end of the year. Its no wonder many people are nervous about their fate of their jobs.
The Conference Board was discouraged to find out that the amount of people who expected more jobs to be created in their communities fell 3.5 per cent to 23.1 per cent, which makes this number the lowest in six months. They also revealed that 44.5 per cent of Canadians feel that now is a bad time to make any major purchases, as opposed to the 43 per cent who feel it is a good time. British Columbia and Ontario were noted as being the most pessimistic of the provinces with consumer confidence falling a whopping 11.3 points in B.C. and a similar 11.9 points in Ontario.
The Prairie Provinces, as well as Atlantic Canada, saw their index rise by 0.8 points and 4.3 points respectively. Quebec also noted an increase by 1.8 points. Depending on your province, it may be difficult to see any economic hope, but for the most part, Canada has ridden out the recession rather well. For those who are finding they have too many payments to make each month, getting a consolidation loan could help. Even those with bad credit could benefit from a secured loan through one of the many private lending institution. A car title loan for example, is structured specifically for clients with bad credit and may help those in financial turmoil out of a rough spot.
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