Andrew Coyne reminds us of Easterbrook’s Law:

Easterbrook’s Law [is] named for the American journalist Gregg Easterbook, who first conclusively proved that all economic news is bad:
all news means change, and all change, no matter how broadly
beneficial, makes some people worse off — who are invariably the focus
of media attention.

The Toronto Star provides us with a nice demonstration. Two days ago, it ran this article:

Manufacturers ask Ottawa for tax relief: Canada’s battered manufacturing industry is calling on the federal
government to bring in a package of tax breaks to help companies
survive in a tough global market…

Canada’s manufacturing sector, largely centred in Ontario and Quebec,
has already suffered 83,000 job cuts this year after being stricken by
the effects of a higher Canadian dollar, soaring energy costs,
widespread labour shortages in the West and cut-throat competition from
lower-cost Asian players like China.

The ongoing economic
slowdown south of the border, led by a sinking housing market, is also
curbing demand for Canadian-made goods in that key export market.

Given that more than half of manufacturing shipments are exported, the
sector is bracing for a total of 100,000 layoffs this year, said
coalition spokesperson Jayson Myers, who is also chief economist of
Canadian Manufacturers & Exporters.

"The key question is
what part of all of that high-value adding activity and those
high-paying jobs are we going to continue to attract and retain here in
Canada?" Myers said.

Pretty grim reading. But that was two days ago; today’s TorStar has this story, equally alarming but with the spin reversed:

Job plan bypasses Ontario: A plan Ottawa launched yesterday to fast-track the entry of temporary
foreign workers — but only to booming Alberta and British Columbia —
has left critics wondering why Ontario’s own labour crunch is being
ignored.

Immigration Minister Monte Solberg announced in Edmonton
he will ease the rules for recruiting foreign temporary workers and get
them processed faster — from the current three or four months to as
little as two.

"Canada’s new government has been listening to
employers in Alberta and British Columbia, and they are truly having a
hard time finding enough workers," Solberg said. "The improvements we
are announcing are making it easier, faster and less costly for
employers to hire temporary foreign workers."

The catch: Ontario isn’t in on the plan, despite big shortages of ready workers in jobs such as construction.

"It’s
not going to address the needs of Ontario’s robust economy at all. Our
construction industry is facing a huge labour shortage in many trades,"
said Andy Manahan, executive director of the Residential and Civil
Construction Alliance of Ontario.

The real story is how the Canadian economy is dealing with a large terms of trade shock. It’s causing sectoral shifts, but the net effects are – so far, at least – generally benign. But that’s just not alarming enough to merit media attention.