Consumer confidence tumbles in March: Conference Board



OTTAWA — The mood of Canadian consumers darkened this month amid record-high oil prices and political upheaval in the Middle East and North Africa, the Conference Board of Canada said Tuesday.

The Ottawa-based think-tank said its confidence index dropped sharply in March, falling to 83.7 from 89.3 the previous month.

The reading is lower than the 92.5 recorded in March 2010, but still higher than the 78.1 level of six months ago, the board said.

"In the context of global events, particularly the volatility in oil prices as a result of unrest in the Middle East and North Africa, the Conference Board is not surprised that Canadian consumer confidence fell in March."

The board said survey responses to current and future finances questions "were particularly pessimistic."

Ontario had the biggest decline in March, falling 11.2 points to 73.7. "This decline leaves Ontario well below other regions when it comes to relative confidence levels," the board said.

Consumer confidence in British Columbia dropped 9.3 points to 91.2, while sentiment in the Prairie provinces was down 6.5 points, "although confidence in this regions remains the highest in the country," it said.

Atlantic Canada recorded a three-point drop to 84.4.

Quebec, meanwhile, was the only area to post an increase, rising 3.6 points to 82.1

The survey was conducted between March 4 and 13, and the margin of error is plus or minus 2.2 per cent.

© The Financial Post

Read more: http://www.calgaryherald.com/business/Consumer+confidence+tumbles+March+Conference+Board/4520734/story.html#ixzz1I3IJN5A8

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