Weakening Job Market Was on BoC’s Mind as It Cut Interest Rates, Summary Suggests

The 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. That’s according to the central bank’s newly-released summary of deliberations detailing discussions ahead of the July 24 rate decision. “With the emergence of slack in the labour market, some members expressed concern that further weakness in the labour market could delay the rebound in consumption, putting downward pressure on growth and inflation,” the summary says. As consumer price growth continues to ease, the central bank is placing more emphasis on the risks associated with undershooting its two percent inflation target....