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Canadians are becoming more pessimistic of the strength of the economic recovery and what it means for their finances and job security notes a new consumer confidence survey.

The monthly Conference Board of Canada survey shows even as economists say they think the recession is over, many Canadians are still not sure on that fact.

Consumer confidence normally begins to bubble during “good” times, but the November survey of 2,000 people finds that confidence has dropped 5.7 points to 79, which is well below the readings of about 100 observed before the recession hit a year ago.

What Canadians are worrying about the most is job security, which is not a surprise as there is over 400,000 workers have lost jobs in the past year, which includes 43,000 in October.

Economists are divided on the importance of consumer confidence surveys as an accurate predictor of future economic performance.

What can be said about consumer confidence deteriorating is that individuals might hold off on making purchasing, which can bring down the overall economic activity.

There was also most passim found about personal finances.

About 13.9% of respondents answered positively about their current finances, just down one point from October.

Only 27.1% agreed that they thought their family finances would improve in the coming 56 months, which is only down 0.6 of a point.

Another 25.6% described that their finances will be worse than 6 months ago.

This is not a good thing to see, especially since it is that time of the year again, the busiest shopping season of the year.

Maybe this could just be a bubble that will slowly deflate come December, however the odds of this happening are slim.

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