The Financial Post reports in its Tuesday edition that economists widely expect the Bank of Canada to cut its policy rate for the second consecutive time on Wednesday after data released the past month suggested the Canadian economy is feeling the pinch of higher rates. The Post's Jordan Gowling quotes Jeremy Kronick at the C.D. Howe Institute, saying: "I think the bank is going to cut again. I think if you look the evidence that's come since they made the announcement to cut in June, I think it's pretty indicative of a softening economy." The unemployment rate jumped to 6.4 per cent in June, discretionary consumer spending continues to decline and retail trade data released on Friday showed a decrease of 0.8 per cent compared with the month before, with sales down in eight of the nine subsectors. "Things are fairly contained, and you can see how the lack of affordability is pinching," said Jimmy Jean, chief economist at Desjardins Group. The BOC expects Canada's economy to grow by 1.5 per cent this year. However, RBC reported gross domestic product per capita has been in decline in six of the past seven quarters, with the Canadian economy not keeping up with the surge in population over the past two years.