64% of Canadians think the economy is headed in the wrong direction. Find out more.
The base number for the index is 100. A result above 100 indicates optimism and below that threshold indicates pessimism. Maru compiles its household index each month by asking a panel of about 1,500 people a series of questions about the economy’s prospects over the next 60 days.
“What’s driving the MHOI this month are mostly derived from positive views on long savings and the ability to purchase household necessities — outpullling negative sentiments on the state of the economy — which is still decidedly negative for upwards of two thirds of consumer-citizens — and , while spending and all other categories assessed are virtually stagnant,” Maru said in a press release., up five percentage points from 44 per cent in April, and 86 per cent said they will be able to buy necessities for their families over the next two months, up from 82 per cent last month. Also, 64 per cent said they have two months of savings set aside for an emergency expense, up one percentage point from April.
Economists attributed most of the strong results to continued consumer spending. But credit history company Equifax Inc. last week said Canadians were dipping into their savings to cover higher monthly payments as they continued to ramp up“While the MHOI caught some good vibes on savings this month, they’re now half as much as last year’s fourth quarter’s 5.
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