Wow - certainly has been an interesting few weeks in our economy! Interesting to say the least.
The media has done a great job in putting the upmost fear into us Canadians with all the economic turmoil stories - this weeks latest catch phrase seems to be "lowest consumer confidence since 1982" or something to that effect.
Well, are you wanting some positive news about our economy? I have some...the markets (since Friday) have been doing very well. Dow has had the biggest 2 day run in 21 years! Oil up. Gold up. Canadian Dollar up. I would prefer to see ‘Dow’s biggest Gain since 1987' - that should be the catch phrase!
Let’s talk about consumer confidence for a minute or two...last year it was pretty well known in the economic sector that a credit crunch was looming and inevitable. Of course I am unable to speak for society as a mass - however, people do read. There were several write ups in many magazines that we were heading for trouble - our society knew what was coming.
If you went to the mall for anything last year - this credit crunch concern was definitely not much of a concern from what I could see. I remember back in February of this year - typically a slower period of retailing - and was floored by the number of people shopping on a Wednesday evening. It was like the holiday rush. The mall was packed - people spending money like crazy. Certainly no concerns there at all.
Retail activity for November is very strong...but wait...consumer confidence is at all time low? Unsure if they really mean that in Alberta or the media is doing what they do best (fear). I have yet to come across anyone in our city who remotely has concerns about their job security. Yes...I am aware southern Ontario may be different in the auto sector...I am not speaking about them...I am speaking about Alberta - who as usual, has the strongest economy in Canada.
What is going to put a screw in everyone’s tire is if we all stop spending money because of this consumer confidence fear. If we all listen to the media - put an absolute halt on our retail spending - then watch how fast our economy tanks. The retail sector is one of the most integral parts of our economy. I strongly urge you to continue to live your lives as normal as your normal lives are! I am not advising you to go max out your credit cards - I am simply stating that if you want to do your part and help our economy - keep the economy moving - support the retail sector. We all need it.
Agree? Disagree? Shout it out.
Anyway....my economic rant for the day...