THUNDER BAY – Ontarians are feeling more positive about the current national economy, with 66 per cent rating it as good, up 12 points from March and compared to 67 per cent nationally, according to the June RBC Canadian Consumer Outlook.
However, Ontarians’ bright economic outlook is not mirrored in their personal financial situation, with just 27 per cent believing it will improve in the next three months, down seven per cent from last quarter and on par with the national average. Job anxiety in the province rose slightly to 22 per cent from 20 per cent in March and is also higher than the national average of 20 per cent.
“Ontarians have seen positive signs in the national economy, but are still quite concerned with their own financial health,” said Jeff Boyd, regional president, Ontario North and East, RBC. “With interest rates on the rise and lingering concerns over job security, Ontarians should look at developing a sound financial plan to weather the ups and downs of a recovering economy.”
In the next three months, only one-in-five think they will have more money to spend on other things after the bills are paid (down eight points from last quarter). Sixty-six per cent of Ontarians are concerned about rising interest rates, close to the national average of 67 per cent.
Over the next 12 months, Ontario residents are slightly less optimistic about the outlook for the national economy (58 per cent, down two points) and their personal situation (42 per cent, down two points). Overall, the June RBC Ontario Consumer Outlook Index dropped three points to 97 from its inception in March.
Other provincial highlights include: Local Economy; Twenty-six per cent of Ontarians expect their local economy to improve in the next three months, down three points since March and the same as the national average.
“We expect that economic prospects should continue to improve this year and into the next,” said Paul Ferley, assistant chief economist, RBC. “Ontario can expect a growth rate of about 3.8 per cent.”