Canadian consumers concerned the immediate benefits of cheaper gasoline aren’t worth the cost to the wider economy pushed a sentiment gauge to a 10-month low.
The Bloomberg Nanos Canadian Confidence Index fell to 56.2 in the week ended Dec. 19, polling shows, the third straight drop and the lowest since Feb. 7. Views on the prospects for the world’s 11th-largest economy, which is also the Group of Seven’s largest crude-oil exporter, were the most subdued in a year.
MUMBAI/NEW DELHI: Yum! Brands, which owns KFC and Pizza Hut, isn't feeling too cheery about India these days. Yum, in fact, is glum. After all, the economic outlook was supposed to get transformed after the new Bharatiya Janata Party government led by Narendra Modi took over last year. But Indian consumers are holding on tight to their cash and staying resolutely away from fast food. "I think we did expect with the Modi government change that there might be a sort of perceptible change in consumer perception and... we haven't seen that," Yum!
Consumer sentiment dropped to 54.9 from 63.7 in July, according to preliminary University of Michigan/Thomson Reuters index released Friday. Consensus had expected a reading of 61.
The consumer confidence gauge confirms my thesis, discussed here, that depressed investor, consumer and managerial sentiment in August would cause the economic data published in September to be horrible.