May Canadian Maru Household Index
The May 2023 MHOI is up 2 points to 85 (negative/pessimistic) from last month’s lowest level since tracking began in April 2021. The question is whether the current upswing is a burst or just a bubble with the increasingly negative assessment since December 2022 having been arrested with a more positive trajectory ahead, or is it just a temporary burst of vigor?
Yet it looks more like an orchestra than a single note playing this time as twelve of the sixteen MHOI measures have moved upwards (with an additional two negative and two holdings), noting the best alignment on the outlook for the national and local economy since July 2022 (both up a whopping six percentage points), and the best belief the economy is headed in the right direction at a level not witnessed since a year ago (up five percentage points).