World Economy

Canadian Labor Market Softens as Unemployment Climbs to 6.7%

Canada's jobless rate rose to 6.7% in October as labor force participation increased while employment declined marginally, signaling persistent weakness in the domestic economy. This contrasts with stronger U.S. labor conditions, where unemployment fell to 4.1% following the addition of 165,000 positions. Divergent labor trends between the two nations could shape cross-border logistics demand into the final quarter. Ocean Network Express raised its profit forecast to $2 billion amid elevated freight rates and cargo volumes, though management cautioned of potential softening in the second half. Separately, less-than-truckload carrier Roadrunner is adjusting strategies with a new Canada-bound service and a 5.9% rate increase effective November 2. Truck transportation employment held flat month-over-month in October.