Bit of a Puzzler: Cdn household spending fell more than US in late 2008
6/11/2009 at 9:32 AM
There's little if any debate that the US is suffering the worst of the current economic crisis. The areas of jobs, personal savings and mortgages are all taking much bigger hits in that country.
This included a sharp drop in home sales in late 2008 of 30% (compared to 13% in the US) and an auto sales drop of 18.8% (US: 17.5%).
Both of these numbers however recovered significantly better than in the US in 2009.
That begs the question, why would our consumer confidence have potentially been lower when times have in general been nowhere near as tough?
Stats Canada discusses the drop and various aspects of the economic situation in more detail in a report released today at:
http://www.statcan.gc.ca/daily-quotidien/090611/dq090611b-eng.htm