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It’s still early days but indicators are beginning to show the widespread anxiety gripping consumers and business alike in Canada, according to economists at the Royal Bank of Canada. 

Key quotes

“The Conference board’s Canadian consumer confidence indicator registered its largest monthly decrease (~32points) on record.”

“Despite recently announced fiscal and monetary stimulus we are already seeing businesses announce layoffs.” 

“How Canadians respond to this downturn depends largely on how quickly we can see signs of normalcy emerging. For now it’s too early to tell when that time will come.”