We are also seeing an increase in employment income and household confidence as workers are rehired and economic activity picks up to satisfy this rebound in demand. Finally, we expect that the second phase of the economic recovery, from C to D, will be a more gradual phase of recuperation, because the future evolution of the virus and the economy remains highly uncertain.
As well, the recuperation phase could be bumpy as different provinces and sectors open up at different times. It could also be slowed by an economy scarred by widespread firm closures and by displaced workers, who may have to relocate or retrain to find employment.