Unifor Urges Bank of Canada to Lower Interest Rates, Citing Economic Concerns

Unifor, representing over 315,000 workers across 20+ sectors, is calling on the Bank of Canada and Governor Tiff Macklem to take immediate action in lowering interest rates to alleviate financial pressures on Canadians.

The plea comes ahead of the upcoming interest rate decision on April 10th, where the Governing Council will deliberate on potentially easing the economic strain.

With inflation at a lower 2.8% and various economic indicators pointing towards a sluggish market, Unifor highlights the urgency for rate adjustments to prevent further hardships on households and businesses.

Amidst concerns over slowing wage growth, rising job-vacancy rates, and increasing unemployment, Unifor stresses the need for proactive measures to avert a looming recession.

While acknowledging that interest rate adjustments won’t solve the housing crisis, Unifor emphasizes that maintaining high rates could exacerbate affordability issues for many Canadians facing mortgage renewals.

Unifor’s National President, Lana Payne, points out that addressing the housing crisis requires comprehensive government action, urging the Bank of Canada to consider the immediate relief that rate cuts could provide to households nationwide.