Canada Jobless Rate Steadies in July Even as Employment Pulls Back
Employers in Canada cut 40,800 jobs last month, the biggest drop since early 2022 and the steepest in about seven years outside the worst of the pandemic restrictions, Statistics Canada said Friday. The unemployment rate held steady at 6.9%, though that was because the labor force shrank by 33,000 and pulled the participation rate down for the month.
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Truck sales in the second quarter might have been the worst performing metric of all
If it wasn't a great quarter for trucking companies in the second quarter, particularly truckload carriers, the outlook for the companies that make or sell trucks was even worse. Not every company did poorly; things are going well enough with other operations at truck retailer Rush Enterprises (NASDAQ: RUSHA) that it hiked its dividend. Ditto for engine manufacturer Cummins Inc. (NYSE: CMI). But on its earnings calls with analysts, several companies that looked into the future–including those two aforementioned operations–saw a market for new heavy duty vehicles that is tepid at best and terrible at worst. The stark numbers on the ground were captured by FTR in its recent preliminary estimate of June and July class 8 orders. The June order book was 8,900 units, a drop of 25% from May and down 36% from the prior year. July was stronger at 12,700 units, but that was down 7% year on year. FTR said the 12-month cycle that ended in July showed an order book down 15% year-on-year. Jennifer W. Rumsey, Cummins CEO, put a number on the expected size of the decline in that company's call with analysts. (All quotes in this article are from transcripts of the earnings calls). She said Cummins expected North America heavy and medium duty truck volumes to decline sequentially 25% to 30% in the third quarter. 'We have seen truck orders recently reach multiyear lows and OEMs have initiated reduced work weeks through the next three weeks,' Rumsey said according to a transcript of the earnings call. 'The duration of this reduced demand in North America truck markets will largely depend on the trajectory of the broader economy, the evolution of trade and tariff policies and the pace at which regulatory clarity emerges.' 'Just no demand out there' It was Marvin Rush, the CEO of retailer Rush Enterprises, who was the most blunt in his outlook for the new truck market for the balance of 2025. In response to an analyst's question, Rush on his company's call said new truck production 'will be drastically down across all OEMs, because there's just not any demand out there because uncertainty is there.' While tariffs uncertainty was mentioned by several executives as a reason for the uncertainty, a recent development that occurred near the start of earnings season–the EPA's decision to rescind the 'endangerment finding' that permitted the agency to take steps to regulate greenhouse gases–has thrown another question mark into the market for new trucks. EPA promulgated the new rule in 2022. The key deadline is a requirement calling for a more than 80% reduction in nitrogen oxides–NOx–emissions by 2027. The recent recession of the EPA's power to regulate GHG under the endangerment finding does not immediately invalidate the NOx rule. No clarity on GHGs or NOx 'We pulled the greenhouse gas stuff, but that still has not given any clarity as to what we're going to get from an emissions perspective,' Rush said. Referring to the various NOx standards both current and planned in the 2027 rule, Rush asked what the final number would be. 'Is it going to go somewhere in the middle?' he said. 'The engine manufacturers and OEMs don't even have direction yet from the government.' Paccar's CEO R. Preston Feight (NASDAQ: PCAR) on that company's earnings call said he believed rules on greenhouse gas emissions in the Biden administration's EPA 2024 rule that was seen as pushing zero emission vehicles 'is likely not to change.' But he also said he does not expect additional GHG regulations on heavy duty trucks. If the NOx rule is eliminated, Feight said, that should lead to a reduction in cost 'which will encourage customers to be buying trucks probably beginning later in this year.' Rush also cited California as a benchmark for a particularly troubled market. Class 8 sales in California reportedly have been extremely weak for many months given the uncertainty created by the state's now withdrawn Advanced Clean Fleets rule and its blocked (but challenged by the state) Advanced Clean Trucks rule, together which mandated sales of zero emission vehicles. 'I don't want to be like the whole country is like California has been the last 1.5 years,' Rush said. 'But from a business perspective, it has been very very difficult on the truck sales side.' Some green shoots Although the outlook was generally bleak, it wasn't totally pessimistic. For example, Rush said reports about upcoming demand is 'slightly better than it was in Q1. It's not outstanding but you can see slight green shoots in there, but not a lot.' From the company's German headquarters, Eva Scherer, the CFO of Daimler Truck Holding AG (XETRA: on her company's earning call gave an example of those green shoots. She said July had shown a 'pickup in order activity.' It would be coming after a particularly difficult quarter. Daimler Truck CEO Karin Radstrom in his remarks on the call started with optimism about its North America segments. He said Daimler's Trucks North America segment was 'a strong contributor to our results, delivering 12.9% return on sales despite a 20% drop in unit sales.' But Scherer said Trucks North America was the only segment in the Daimler empire in the quarter that had a negative EBIT impact, 'primarily due to the economic uncertainty in the U.S., which led to reduced sales volumes.' And Radstrom said for the half, the 135,000 trucks the company sold in North America were down 7% year-over-year. However, the July order flow was strong enough that Scherer said she believed the output numbers in North America for Daimler could be between 135,000 to 155,000 in the quarter. Discussion on the calls about tariffs repeatedly swung back to the same term: uncertainty. Feight's comments on tariffs was similar to what was heard on other calls. 'If we get confidence and certainty around tariff structures in the third quarter, then I think customers' reaction to that will be positive,' he said. 'I think that would be favorable for PACCAR. So there's quite a few reasons to weigh in there for our confidence as the year goes along here.' But the tariffs might also mean price increases are on the horizon. On the earnings call for trailer manufacturer Wabash National (NYSE: WNC), president and CEO Brent Yeagy said while the company operates with '95% domestic sourcing and (a) U.S.-based manufacturing footprint,' that protection from higher tariffs has its limits. 'We're not entirely immune to cost increases, particularly in key inputs and services,' Yeagy said. 'To date, we've been successful in holding off on price adjustments, and we remain focused on operational efficiency and cost discipline to offset as much pressure as possible. However, based on the current trajectory, we expect that pricing for 2026 orders will need to be adjusted to reflect the rising cost environment.' More articles by John Kingston In brief comments, Trimble CEO introduces new product for matching capacity with shippers At C.H. Robinson, improved profitability, productivity and a lot fewer workers Each driver's payout in Lytx Illinois biometrics case will be between about $650 and $850 The post Truck sales in the second quarter might have been the worst performing metric of all appeared first on FreightWaves. 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23 minutes ago
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ITSM Software Considered Strategic Priority for Organizations in 2025: Info-Tech Research Group Identifies the Top Nine Providers Ranked by SoftwareReviews Users in Annual Report
The recently published 2025 IT Service Management (ITSM) Emotional Footprint report from global IT research and advisory firm Info-Tech Research Group highlights the top ITSM solutions that help organizations improve service delivery and support business growth. The annual report's insights are based on feedback from users on the firm's SoftwareReviews platform. TORONTO, Aug. 8, 2025 /PRNewswire/ - Info-Tech Research Group has published its IT Service Management (ITSM) - Enterprise and Midmarket Emotional Footprint report, which highlights the top providers for 2025. Based on data from SoftwareReviews, a division of the global research and advisory firm and a leading source for insights on the software provider landscape, the newly published report identifies nine ITSM providers as the champions in the category. ITSM standardizes and improves the delivery of IT services for consistency, accountability, and alignment with broader organizational objectives. Considered a core driver of business value in a digital-first world, best in class ITSM software is helping to eliminate operational silos, enhance service quality, and improve the overall user experience. Organizations without a mature ITSM approach may face increased downtime, rising costs, and reduced agility, all of which can hinder performance and innovation. Data from 2,043 end-user reviews on Info-Tech's SoftwareReviews platform was used to identify the top ITSM software providers for the 2025 ITSM Emotional Footprint report. The insights are published to support organizations that are considering options to improve service delivery, increase efficiency, and scale their ITSM capabilities for long-term business growth. Info-Tech's Emotional Footprint measures high-level user sentiment. It aggregates emotional response ratings across 25 proactive questions, creating a power indicator of overall user feeling towards the vendor and product. The result is the Net Emotional Footprint, or NEF, a composite score that reflects the overall emotional tone of user feedback. The 2025 IT Service Management – Enterprise Champions are as follows: TeamDynamix ITSM, +92 NEF, ranked high for client-friendly policies. IBM Maximo IT, +95 NEF, ranked high for its efficiency. ServiceNow ITSM, +83 NEF, ranked high for its security features. Ivanti Neurons for ITSM, +86 NEF, ranked high for its productivity enabling features. The 2025 IT Service Management – Midmarket Champions are as follows: TeamDynamix ITSM, + 92 NEF, ranked high for its effectiveness. Jira Service Management, + 88 NEF, ranked high for its friendly negotiation policies. IBM Maximo IT, +93 NEF, ranked high for helping clients save time. Freshservice, + 84 NEF, ranked high for its complimentary product enhancement features. Zendesk for Service, + 81 NEF, ranked high for its inspiring features. Analyst Insight:"IT Service Management is now a strategic priority as organizations respond to digital demands, AI adoption, and hybrid work," says Mahmoud Ramin, senior research analyst at Info-Tech Research Group. "Modern ITSM platforms offer smarter and faster service delivery, helping organizations improve efficiency, reduce risk, and increase agility. Those that delay modernization risk service disruptions and missed opportunities for growth." User assessments of software categories on SoftwareReviews provide an accurate and detailed view of the constantly changing market. Info-Tech's reports are informed by the data from users and IT professionals who have intimate experience with the software throughout the procurement, implementation, and maintenance processes. Read the full report: Best IT Service Management (ITSM) Providers 2025 For more information about Info-Tech's SoftwareReviews, the Data Quadrant, or the Emotional Footprint, or to access resources to support the software selection process, visit About Info-Tech Research Group Info-Tech Research Group is one of the world's leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations. To learn more about Info-Tech's divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights. Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm's Media Insiders program. To gain access, contact pr@ For information about Info-Tech Research Group or to access the latest research, visit and connect via LinkedIn and X. About SoftwareReviews SoftwareReviews is a division of Info-Tech Research Group, a world-class technology research and advisory firm. SoftwareReviews empowers organizations with the best data, insights, and advice to improve the software buying and selling experience. For buyers, SoftwareReviews' proven software selection methodologies, customer insights, and technology advisors help maximize success with technology decisions. For providers, the firm helps build more effective marketing, product, and sales processes with expert analysts, how-to research, customer-centric marketing content, and comprehensive analysis of the buyer landscape. 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23 minutes ago
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Meta's $29 Billion Deal Marks Pivotal Moment for Private Credit
(Bloomberg) -- The heavy hitters of private credit have been waiting for this moment for years. All Hail the Humble Speed Hump Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Major Istanbul Projects Are Stalling as City Leaders Sit in Jail Chicago Schools' Bond Penalty Widens as $734 Million Gap Looms Major lenders, which often cater to companies with dented credit, talk endlessly about the opportunities in investment-grade debt and in financing the breakneck growth of artificial intelligence. They've done smaller deals, but this week they caught the biggest fish yet: a $29 billion financing package for Meta Platforms Inc.'s massive data center in Louisiana. That transaction, led by Pacific Investment Management Co. and Blue Owl Capital Inc., hits all the high notes: It's a top-notch business in a hot sector. It disrupts the usual route that companies like Meta travel to get money from investors through banks. And, it's huge. 'Private credit has been itching to get into this space,' said John Medina, senior vice president on the global project and infrastructure finance team at Moody's Ratings. 'This deal is one of the first of its kind for private credit and if it is successful, we would expect to see more.' The biggest technology companies are in an AI arms race now, and they need cash to win. Elon Musk's xAI Corp. recently told investors it plans to spend $18 billion on data centers, and is looking at raising debt backed by projects rather than at the corporate level. Others including Inc. and OpenAI Inc. are pursuing their own sites across the US. Morgan Stanley estimates that capital expenditures on AI could exceed $3 trillion in the next three years. For Meta, Pimco is planning to arrange $26 billion in debt and Blue Owl is providing $3 billion in equity. The debt portion is likely to be issued in the form of investment-grade bonds backed by the data center's assets, people familiar with the matter said, adding that the final structure is still in flux. The bidding war for the financing lasted months. It was competitive because private credit firms have been all-but-begging for access to the investment-grade debt world that banks dominate. Other private credit firms that grappled for the top spot include Apollo Global Management Inc. and KKR & Co., which made it to the final round, as well as Brookfield Asset Management Ltd., Blackstone Inc. and Ares Management Corp., said the people, who were not authorized to speak publicly. Morgan Stanley advised Meta on the deal but isn't leading the financing. It is the largest funding package related to a specific AI data center by a mile, with others involving xAI Corp. or Coreweave Inc. well below $10 billion. Microsoft Inc., BlackRock Inc. and the United Arab Emirates' MGX investment vehicle are teaming up to raise $30 billion of private equity that can be leveraged to $100 billion, with Nvidia Corp. and xAI also joining in, but that money is for a series of data warehouses and energy infrastructure rather than an individual project. The most recent debt deal of any kind that's even near the size of Meta's was a $26 billion bond sale to support Mars Inc.'s purchase of rival food-maker Kellanova in March. A group of banks put together the financing, which was funneled through to their typical investors in the syndicated market. Dry Powder Private credit firms have about $450 billion of dry powder to invest, according to Preqin data, and are clamoring for this kind of business. The corporate acquisitions that often fuel private credit deals are practically at a standstill. And these firms aspire to more fully become rivals to traditional Wall Street banks — handling everything from advising companies to structuring their debt to providing some of it themselves. Expanding further into investment-grade deals could help make private credit a $40 trillion market, according to an estimate from Apollo. 'This ecosystem of private investment-grade is a massive market with a huge tailwind,' Michael Zawadzki, the global chief investment officer at Blackstone's credit and insurance unit, said last year. Representatives for Apollo, Meta, Pimco, Blue Owl, Brookfield, Blackstone, Ares and Morgan Stanley declined to comment. Those for KKR and xAI didn't immediately respond to requests for comment. KKR and Energy Capital Partners last year agreed to a $50 billion partnership to accelerate the development of infrastructure for artificial intelligence. Blue Owl CEO Marc Lipschultz has compared the AI craze to the Gold Rush: though lenders aren't out there digging for treasure, they can provide the 'picks and shovels' that technology firms need. 'In this case, it takes the modern version, the data centers,' he said during a conference call on July 31. 'And we are the best placed firm to help develop and to help fund those data centers.' --With assistance from Laura Benitez and Kurt Wagner. The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Digital Nomads Are Transforming Medellín's Housing Russia's Secret War and the Plot to Kill a German CEO It's Only a Matter of Time Until Americans Pay for Trump's Tariffs The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
