The Bloomberg Nanos Pocketbook Index is based on survey responses to questions on personal finances and job security and was at 52.65 this week compared to 54.64 four weeks ago. The Bloomberg Nanos Expectations Index, based on surveys for the outlook for the economy and real estate prices, was at 45.50 this week compared to 49.66 four weeks ago.
“The closing week of 2024 had consumer confidence moving into negative territory for the first time this year,” said chief data scientist Nik Nanos. “Negative sentiment on the future strength of the economy hit a two year high.”
The share of respondents who feel better off was just 14.97% while 48.51% feel worse off and 35.73% reported no change.
Overall sentiment was down in all provinces week-over-week except for British Columbia where there was a slight increase.
By age group, the youngest adults (18-29) and older cohorts (50 and older) reported declining sentiment while those in the middle (30-49) showed improvement. However, by income group it was the lowest (up to $15K) and highest ($60K+) groups that showed greater confidence while it declined for the middle groups ($15-59K).
