Weakening job market was on BoC's mind as it cut interest rates

That's according to the central bank's newly released summary of deliberations detailing discussions ahead of the July 24 rate decision.

The summary reiterates that the bank's decision to lower its policy rate last month was partly driven by the desire to boost economic growth. As consumer price growth continues to ease, the central bank is placing more emphasis on the risks associated with undershooting its two per cent inflation target.

The governing council discussed the various indicators that suggest there is slack in the labour market and some members noted that further weakening could delay a rebound in consumption spending, which would in turn weigh on economic growth and inflation. As high interest rates chill the economy, Canada's unemployment rate has steadily risen over the last year, reaching 6.4 per cent in June.BoC's Macklem says he wants growth to pick back up as bank cuts key rate againPlant-based beverages linked to listeria recall were produced in Pickering, Ont.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global investment bank expects BoC to cut rates faster, more aggressively than it previously thoughtPlus, Wells Fargo sees more downside for the S&P 500
Source: globeandmail - 🏆 5. / 92 Read more »