FINANCIAL POST — Bank of Canada Rejects Recession Label For Economy’s Weakness

(Bloomberg) — Bank of Canada officials rejected the notion that the country’s economy is in recession as they set borrowing costs earlier this month, though they acknowledged weak growth and labor market slack.

Real gross domestic product fell by 0.1% on an annualized basis during the first three months of the year, after a 1% decline in the fourth quarter. But the back-to-back contractions weren’t sufficient evidence for the central bank’s policymakers to declare a full downturn.

“Members agreed a recession is characterized by a deep, widespread and persistent decline in aggregate economic activity,” officials said in a summary of deliberations from their June 10 decision. “The economy was weak; it was still operating in excess supply and there was slack in the labor market. But the economy was not clearly in recession,” they said.

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4. leaving-earth said:
   
   it doesnt exist if we shut our eyes and cover our ears and go “LA LA LA LA LA”
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10. its-celery said:
    
    wgat needs to happen for it to be a recession 😭
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13. kingohats said:
    
    nobody can afford to buy anything, what do they mean the economy is fine
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    FINANCIAL POST — Bank of Canada Rejects Recession Label For Economy’s Weakness