Maple rush: Canada’s economy

Canada’s official statistics agency is expected to report strong GDP growth for August today—perhaps as much as 0.8%, month-on-month. The economy rebounded strongly in the summer; around three-quarters of the jobs lost in the steep covid-19 recession were replaced, compared with just 56% in America. Thanks to the reopening of schools and childcare facilities, labour-force participation rates in Canada have risen by six percentage points among people aged 25-54 since April. But that pace will not last, as another spike in covid-19 infections buffets the country. New cases average about 2,500 daily; cumulative deaths recently exceeded 10,000. Restrictions are back on bars, gyms, indoor gatherings and home visits in many places. Given that, it is no surprise that the Bank of Canada is forecasting bad news. The central bank predicts that GDP will grow by just 0.2% in the fourth quarter and shrink by 5.7% in 2020 overall.

month-on-month：环比增长
rebound：反弹，回弹
recession：经济衰退
spike：尖物
buffet：对……打来打去，将……推来搡去
cumulative：累计的
exceed：超过