Consumers north and south of the border are in no mood to increase their spending this Christmas, according to two new surveys. (Associated Press)

Canadians and Americans continue to be anxious about the economy and say they aren't in the mood to make big purchases this Christmas, according to two new surveys.

The TNS Canadian Facts consumer confidence index fell to 95.5 from 101.7 in August, according to a survey by the custom research agency.

The index survey questioned 1,015 Canadians earlier this month and has an error margin of plus or minus 3.1 percentage points, 19 times out of 20.

The confidence level is indicated by three indexes, which measure consumers' views regarding their present situation, their inclination to make a major purchase, and their expectations looking six months ahead. All three indexes fell.

The low confidence doesn't bode well for retailers. This year is projected to be the lowest-spending holiday season since 2005, with just under six in 10 Canadians saying they plan to spend the same amount as they did last year.

About one-third of Canadians said they plan to spend less, and just eight per cent plan to spend more.

"We often hear talk of so-called cautious optimism. But these results suggests now is a time for cautious negativism — clearly, the floor hasn't collapsed, but it might be time to start looking for cracks," Michael Antecol, vice-president of TNS Canadian Facts, said in a news release.

A second survey in the U.S. also found shoppers in a gloomy mood.

About 77 per cent of American consumers said they feel pressured from debt this holiday season, according to a Consumer Mind Reader survey released Thursday by America's Research Group and UBS.

Of these, 65.3 per cent said they will spend less this Christmas.

"Job fears are at the highest level we have seen at ARG in 30 years of talking with consumers," says C. Britt Beemer CEO and founder of ARG.

The survey questioned 1,000 people earlier this month. It has a margin of error of 3.8 per cent, 19 times out of 20.

A total of 37 per cent of consumers said they have seen layoffs at work, 35.3 per cent said they expect to see layoffs, and 43.9 per cent did not feel secure in their jobs.

The number of consumers postponing big purchases was up to 16.9 per cent this year, from 11.7 per cent at the same time last year.