Manitoban consumer confidence very strong reveals survey - First Central Mortgage update
In a Jory Capital/Winnipeg Free Press survey, presented here by First Central Mortgage Funding, on the economic outlook and job security in Manitoba shows Manitobans are just as positive as they were in March when previously polled.
86 per cent of Winnipeggers said they were either very or somewhat optimistic about their city’s economic prospects — the same number as in March.
And 78 per cent of rural and northern Manitobans said they felt the same way about their local community’s economic performance. While down two percentage points from March, the difference is well within the survey’s margin of error.
“So I don’t think you could make much out of that,” said Scott MacKay, president of Probe Research, the Winnipeg polling firm that conducts the surveys.
MacKay said the latest results prove March’s startling 15 per cent jump in optimism levels was the real deal.
He also predicted it would take something monumental — like massive job losses or a string of major plant closures or high-profile business failures — to shake that confidence.
“And I don’t think that’s going to happen,” he added.
Jory Capital president Patrick Cooney attributed the ongoing high level of optimism to Manitoba’s strong economic performance in comparison to most other parts of the country.
He said Manitoba and Saskatchewan have been the best-performing provincial economies during the current global recession, and that hasn’t been lost on Manitobans.
“These numbers are spectacular, given what’s going on in the global economy,” he said. “I think it’s good, good news all around, and let’s hope it continues.”
Consumer confidence levels are closely watched because people tend to spend more freely when they’re feeling optimistic about the local economy and their own financial prospects. And robust consumer spending helps drive the economy and maintain jobs.
The Jory/Free Press poll involved interviews with 1,000 Manitobans between June 8 and 25. The results are considered 95 per cent consistent, plus or minus 3.1 percentage points, with what the results would have been if the province’s entire population was surveyed.
The way Manitobans feel about their own household financial situation was also unchanged from March, with 20 per cent saying they are better off than before, 21 per cent saying they’re worse off, and nearly 60 per cent saying their situation hasn’t changed.
However, there was an increase in the number of Manitobans who expect their financial situation to improve over the next year — 36 per cent compared to 33 per cent in March.
And there was a large drop in the number who think they’ll be in worse financial shape a year from now — only six per cent compared to 11 per cent in March.
