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Canada’s consumer confidence hits 26-year low

Published: 22/12/2008 05:00

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People walk past a “time to shop” sign in downtown San Francisco, California, in this Dec. 9, 2008 file photo.Consumer confidence in Canada is at its lowest level in 26 years, according to a report released Monday by the Conference Board of Canada. (Xinhua/Reuters Photo)

Consumer confidence index fell 3.3 points to 67.7, the third consecutive monthly decline, said the report.

“On a monthly basis, the index has now dropped significantly below early 1990s levels. Only during the recession of 1981-82 have we seen lower levels of confidence,” Glen Hodgson, CBoC’s senior vice-president and chief economist, said in a press release.

“Despite the rapid fall in gasoline prices across the country, consumers continue to be gloomy about their financial situation.”

Consumers indicated they were financially worse off now than six months ago and they expect to be worse off six months from now, according to the report.

Respondents also said they had a negative view of the job situation in their communities.

Canada’s unemployment rate could rise from its current level of6.3 percent to about 8 percent, according to most economists.

The survey of 2,000 Canadians was conducted between Dec. 4 and DEC. 12.

VietNamNet/Xinhuanet

Update from: http://english.vietnamnet.vn//international/2008/12/820104/

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