The trade war is starting to impact economies across the globe, with recent U.S. data now showing consumer sentiments are reaching lows not seen since the Great Recession .

That’s raising questions about whether Canada could soon start feeling ripple effects.

“There has been more concern about momentum in U.S. labour markets, and not just in consumer perceptions of labour markets. You are starting to see cracks in some of the underlying details as well,” says assistant chief economist Nathan Janzen at Royal Bank of Canada.

“Employment is still declining in the U.S., especially in the manufacturing sector, and it’s a trend that’s been in place for a while. The trade uncertainty does not appear to have helped — it’s accelerated some of the risks.”

What does the report show?

The

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