The Bank of Canada is poised to cut its key policy rate by another 50 basis points on Wednesday as weak unemployment numbers and poor growth underscore an economy that needs support, economists and analysts said.

For the second time in a row, the Bank of Canada cut its main interest rate by a half-percentage point, saying lower rates are needed to address weaker-than-expected growth and a softening labor market.

In its final major cut of the year, the Bank of Canada has lowered the policy interest rate from 3.75% to 3.25%.