Bank of Canada summary suggests weak job market was a concern ahead of July rate cut | CBC News LoadedThe Bank of Canada wants the economy to pick up speed again and some members of its governing council are concerned that weak job market conditions could hinder that process.·Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are shown following their interest rate announcement on July 24.
The Bank of Canada has signalled it will continue to cut interest rates as long as inflation continues to slow in line with its projection. "While the Bank of Canada still believes that consumer spending will rebound, officials are acknowledging the material risks to that view from upcoming mortgage renewals and ongoing weakness in the labour market.
The rip-roaring labour market job seekers enjoyed in the aftermath of the COVID-19 pandemic is now much more sluggish.Are we in a 'hidden' recession?