this post was submitted on 29 Feb 2024
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‘No urgency’ for Bank of Canada to cut rates as economy skirts recession (globalnews.ca)
submitted 8 months ago by sik0fewl@kbin.social to c/canada@lemmy.ca
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The slowdown in Canada's economy hasn't yet met the bar for a technical recession amid modest real GDP growth in the fourth quarter of the year, Statistics Canada says.

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[–] sbv@sh.itjust.works 2 points 8 months ago (1 children)

Job losses is the stated goal of the BoC. Job losses dampen consumer spending, which slows down purchases, which (theoretically) stops prices increasing.

[–] Someone@lemmy.ca 5 points 8 months ago (1 children)

It's too bad they can't pick which jobs are lost. Many people on the lower end of the income spectrum (who are more likely to be the ones losing their jobs) can't really cut spending because the vast majority of their income goes to housing, food, and other essentials.

[–] sbv@sh.itjust.works 2 points 8 months ago

Totally agreed. It's a shit policy that punishes people with precarious jobs.

I have no idea what would be better, TBH. I suspect the working poor would get the short end of the stick, regardless of the solution.