On September 15, as growth concerns intensified, the governor of the Bank of Canada raised the possibility of accelerating the pace of interest rate cuts. The G7 nation's economy grew at an annualized rate of 2.1% in the second quarter, but there are growing concerns that falling oil prices, rising unemployment and falling immigration levels could bring Canada close to a standstill. Interest rate-setters are increasingly concerned about Canada's labor market and the possibility of a shock to the economy from falling crude oil prices.