This must be coming into the vernacular – I have heard the term ‘ginning up’ on several ocassions lately. That’s what I feel when I see stuff like this which was taken directly from a Statistics Canada report.
Now there is no doubt we are in a recession – I don’t question that but look at the y axis on this chart. It starts at $36 billion. That little trick is used to exaggerate the effect of the chart. Consider this one below that I prepared – essentially the same as the one above.
Here is the exact same chart using a Y axis starting at zero which shows a true pciture of the change in sales relatively to the overall size of manufacturing.
In fact, manufacturing sales less auto are only down 1.2% month- over-month which, again, is not a good thing but I think even Statistics Canada has fallen into the trap of tarting or ginning up the numbers.