Live Roundups Editor's Desk Insights Executive Ops Weather About 🔍
Home › Business & Finance › Bank of Canada Rejects Recession Label for Economy’s Weakness
Business & Finance

Bank of Canada Rejects Recession Label for Economy’s Weakness

Bank of Canada Rejects Recession Label for Economy’s Weakness
Bloomberg Markets Wednesday 24 June 2026, 17:30 UTC By Erik Hertzberg 1 min read
Key Points

Bank of Canada Rejects Recession Label for Economy’s Weakness 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...

Bank of Canada Rejects Recession Label for Economy’s Weakness 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.
Originally published by Bloomberg Markets Read original →

Related Stories

White House requests $87.6 billion supplemental spending for Iran war, farm aid

The White House on Wednesday asked Congress for $87.6 billion in supplemental spending to pay for the Iran war and a host of other things including aid to U.S. farmers, and Ebola response. White House Office of Management and Budget Director Russell Vought made the request in a letter to House Speaker Mike Johnson. "I urge the Congress to take action on these important and urgent requests as soon as possible," Vought wrote.

CNBC 3m ago

JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the nation's biggest banks remained well capitalized under its annual stress test. The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1. "The Board's intended dividend increase is supported by our consistent investment in...

CNBC 8m ago

Redfin Chief Economist Sees Structural Issues in Housing

Jun 24th, 2026 Redfin Chief Economist Sees Structural Issues in Housing Daryl Fairweather, Chief Economist at Redfin, discusses the bipartisan Road to Housing Act, which President Trump has opposed despite its passage by a veto-proof majority. The bill represents a significant federal effort to address the national housing supply shortage by tying federal funding to local governments' plans to increase housing supply and streamline zoning and permitting processes. She speaks with Romaine...

Bloomberg Markets 14m ago

Identity theft victims face 'unconscionable' IRS delays, report says

Victims of identity theft face "unconscionable" delays at the Internal Revenue Service, a dynamic causing headaches and financial hardship for many Americans that comes amid steep staffing cuts at the federal agency, according to a report to Congress published Wednesday by the National Taxpayer Advocate, an internal IRS watchdog. More than 500,000 victims of tax-related identity theft are currently awaiting resolution from the IRS, the report said. The agency is currently taking about 20...

CNBC 16m ago