Top stories
Hiring Has Been Stuck for 30 Months. In August, Americans Spent as if It Wasn't.
OpenAI Cancelled One GPT-6.1 on Monday and Shipped Another on Tuesday. The Second One Costs a Fifth.
Apple Pay Reached India With One Bank's Credit Cards. UPI Handled 24.5 Billion Payments in August.
LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
A Pacific Hurricane Made Landfall in Baja. Its Flood Watches Reach Iowa.
The Five Fairford Suspects Are Out on Bail. British Police Say They Have an Open Mind. Washington Says a Foreign Actor.
The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
The Men Held Near Fairford Are Five Londoners. They Are on the Ordinary Police Clock, Not the Terrorism One.
Oil Rose 3 Per Cent on a Rejected Offer. The Strait It Is Pricing Logged 78 Ships in 20 Days.
Five Men Are in Custody Near RAF Fairford. No Attack Took Place, and No Official Has Alleged Iran Directed Anything.
Thirty-Three Hours, Then a Board of Four. Automattic's Control Structure Was Never in Doubt.
Eight-Tenths of a Foot Below Sandy: The Nor'easter, Product by Product
$30 a Seat and a Meter Behind It. What Microsoft's One-App Copilot Actually Costs a Buyer.
The Big Read
The NumbersInsurers Keep Telling Surveys They Will Hire. Payrolls Show 90,000 Fewer Jobs.
Carriers and brokers have both been cutting. The cuts started around the time car-insurance prices stopped rising, and they have gone on while the industry's own forecasts pointed the other way.
The Great American Insurance Group tower in Cincinnati. US insurance carriers and related businesses employ about 90,000 fewer people than in May 2025. Great American is not among the companies discussed in this article. File photograph.
The September jobs report was weak in the way people had been bracing for. Employers added 29,000 jobs, the Bureau of Labor Statistics said on Friday, and unemployment edged up to 4.2 per cent. The two months before were revised down by a combined 60,000. July now shows a loss of 10,000 jobs. August, first reported as a gain of 162,000, is now 133,000.
The headline will be argued over until the next one arrives. Further down the release is a sentence about a single industry:
Since May 2025 the economy as a whole has added about 546,000 jobs. Insurance, a sector of about 2.9 million workers, has lost 90,000 of them over the same stretch. In September it lost another 2,300.
The Numbers
Claims Fell to 197,000 While Tech Announced 155,126 Cuts. Check the Denominator.
Technology holds 1.7 per cent of American payroll jobs and produced 29 per cent of this year's announced job cuts.
Health
Beyond Dental Work, Mexico Is Drawing a Different Kind of Medical Tourist
Some Americans are staying for weeks rather than days, seeking intensive programs for chronic conditions that have resisted conventional treatment.
Weather
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
The Numbers
Metrics Cut Its Funds by Up to 12 Per Cent. KPMG Still Would Not Sign.
The disclosures say the losses are not realised and the loans have not been reclassified.
Caterpillar Will Spend $1 Billion on a New Plant in Sanford. Its Workforce There Will Not Grow.
This is what a large American manufacturing investment increasingly looks like: more capacity, more automation, the same headcount, and a local incentive package written to stop a plant leaving rather than to bring new work in.
The Fed Will Now Show Banks the Stress Test Before They Sit It. One Governor Says That Is the Problem.
The argument is not about how much capital the largest banks hold today.
China's Factories Grew Again in September. What They Pay for Materials Grew Faster.
The headline says expansion.
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How to submitThe Picture
Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
The Numbers
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The Long View
Why Did the Senate Vote Twice on the Same Bill in Three Days?
The Money
What Happens When the Advertiser's Own Agent Joins the Conversation?
The Argument
Will the World Agree AI Red Lines Before the Year Runs Out?
Editor's Choice
Private Credit's Default Rate Hit a Record the Week Before the Fed Raised Rates
Private credit grew up in an era of cheap money and has never been tested by a rate rise.
Latest News
Everything we have published, newest firstA Student Loan Refinancer Now Holds the 47th Largest Deposit Base in America
SoFi Bank held $46.8bn of deposits on 30 June, placing it 47th in the FDIC's annual Summary of Deposits. It is the first bank with fintech origins to enter the top 50. The deposits roughly doubled in two years, and the reason is not the rate paid to savers.
Apple's Second Round of Cuts Went After the Content It Has to Keep Making
Apple has laid off a handful of Fitness+ employees, Bloomberg reported, a month after it cut about 200 jobs in its Siri and Vision Pro groups. The numbers are small against a workforce of 166,000. What the two rounds have in common is more telling: in both, Apple cut people who make content, not products.
Markets
Metrics Cut Its Funds by Up to 12 Per Cent. KPMG Still Would Not Sign.
One of Australia's largest private credit managers wrote down three listed funds on Monday, by 2, 10 and 12 per cent, and said a clean audit was expected on Wednesday. On Wednesday the auditor said it was not ready. Metrics has now suspended redemptions and stopped publishing net asset values in the unlisted funds underneath. The share prices had been pointing at a lower number for months.
The Cinema Ad Company Just Borrowed More Than the Stock Market Says It Is Worth
The company that runs the ads before the film is betting that the same audience can be reached in the lobby and the lift. The debt it took on to get there costs more a year than Captivate earns.
The Hormuz Closure
Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
On Monday the S&P 500 rose 1.5 percent, the Nasdaq closed at a record, crude fell more than 4 percent and the ten-year yield slipped. The two-year Treasury yield, the maturity most tied to the Fed, closed at 4.76 percent, exactly where it was on Friday and its highest close since July 2024.
Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
Riyadh is the world's eighth-largest military spender and carries the heaviest defence burden of any major spender outside an active warzone. Its East-West pipeline has been struck, the Houthis hold the Bab al-Mandab, and it has said it will hold off on retaliation. The paperwork behind the spending explains the pause better than the spending does.
The Numbers
Paramount Settles With the States Nine Days Before the Meter Starts
Paramount Skydance has settled the antitrust suit twelve states brought against its $110 billion purchase of Warner Bros. Discovery. The remedies are promises about behaviour: thirty films a year in cinemas, with $30 million owed for each one short. The number that explains the timing is a different one. From 1 October, every day the deal stays open costs Paramount about $7 million.
Three Newsrooms Lost Their White House Passes on Saturday. No One Named a Story.
Reporters from CNN, MS NOW and Politico were turned away from the White House on Saturday morning, their badges disabled or confiscated. The stated ground is that the outlets peddle lies. Forty-nine years of case law says that is not enough, and the reason is procedural rather than political.
The ratings table now produces different champions depending on which column you read.
The Catch-Up Contribution Changes Hands in 2027, Not 2026
From taxable years beginning after 31 December 2026, a saver whose Social Security wages from the plan's own sponsor topped $145,000 the year before can no longer make a pre-tax catch-up contribution. It has to be Roth. The threshold is measured per employer, on last year's wages, which catches people who do not think of themselves as high earners.
Delaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
A count of filings is not a count of consequence. Delaware's numbers went up and its legislature moved regardless, which tells you more about what is actually being contested than either fact does alone.
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Washington Square Park Already Has a Stage. This Weekend, an Artist Is Offering Strangers a Turn on It.
The Five Fairford Suspects Are Out on Bail. British Police Say They Have an Open Mind. Washington Says a Foreign Actor.
The Men Held Near Fairford Are Five Londoners. They Are on the Ordinary Police Clock, Not the Terrorism One.
The Story So Far
The Hormuz Closure24 stories
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
- 28 Sept The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
- 28 Sept Oil Rose 3 Per Cent on a Rejected Offer. The Strait It Is Pricing Logged 78 Ships in 20 Days.
- 22 Sept Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
- 19 Sept Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
- 17 Sept Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
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