After weeks of increased optimism, Canadians are starting to feel a bit worse about the economy

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Canada’s quick initial rebound in consumer confidence is showing signs of slowing, the most recent indicator to suggest there’s a long road ahead for a full economic recovery from the pandemic.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, was little changed at 52.7 last week, from 52.8 a week earlier. This is the first stall in the index since early July, though it remains above 50, meaning views on the economic backdrop are net positive.

The index has been trending higher in recent weeks with most provinces lifting even more restrictions on the economy. The housing market has also heated up over the summer, helping to drive gains in the broader index.

However, other recent indicators like the pace of job openings suggest the rest of the economic recovery is likely to take a long time while restrictions remain on businesses and social gatherings.

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