Top stories
Xbox Is Three Quarters of the Way Through Its Reset. Halo Changed Hands on the Way.
Fox Paid $440 Million for a Library of Cheap Films. It Now Bills More Than $1 Billion a Year.
A Student Loan Refinancer Now Holds the 47th Largest Deposit Base in America
Apple's Second Round of Cuts Went After the Content It Has to Keep Making
The Cinema Ad Company Just Borrowed More Than the Stock Market Says It Is Worth
Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
Paramount Settles With the States Nine Days Before the Meter Starts
Three Newsrooms Lost Their White House Passes on Saturday. No One Named a Story.
Fox Won August by One Measure and Lost a Fifth of Its Audience by the Other
Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
The Catch-Up Contribution Changes Hands in 2027, Not 2026
The Big Read
The NumbersClaims 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. Set that against a national layoff flow of 12.14 million in seven months and the record tech year is 1.3 per cent of it. What the sector is doing is not shedding labour into the economy. It is moving money from payroll to plant.
Manufacturing accounted for 46 per cent of the hiring plans announced in August. Technology accounted for 29 per cent of the year's job cuts. File photograph.
The Labor Department's weekly claims release landed on Thursday morning with a number that says the American labour market is about as healthy as it has ever been. In the week ending 19 September, seasonally adjusted initial claims for unemployment insurance were 197,000, down 1,000 on a revised 198,000. The four-week moving average fell to 202,250. Insured unemployment stood at 1,719,000 and the insured unemployment rate at 1.1 per cent.
On the same set of desks, a different tally: Challenger, Gray & Christmas counts 155,126 announced job cuts in technology through August, up 52 per cent on the 102,239 announced in the same period of 2025, and 29 per cent of every job cut announced in the United States this year — more than any other industry.
Neither number is wrong. Neither is being spun. The reason they do not collide is that they are measuring different things against different denominators, and once you write those denominators down the paradox stops being a paradox and becomes an accounting identity.
The Long View
Delaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
A count of filings is not a count of consequence.
The Numbers
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The decision was Tuesday's.
Weather
Pittsburgh
--°
- —
- —% humidity
- Wind — mph
- H — · L —
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
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.
Meta's Answer to the Camera Problem Is a Pair of Glasses With No Camera
The new glasses weigh 43 grams, cost $349 and carry no lens.
Ten Streaming Services Disappeared Last Quarter. None of Them Took an Audience With It.
The count of standalone American streaming services has fallen by about 30 in four years, or 8 per cent.
Oura's Listing Raises $532 Million for the Company. It Keeps About $6 Million.
Seventy-three per cent of the shares on offer belong to existing holders, and every share in the overallotment does too.
Got a tip for us?
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
A Comedy Nobody Had Heard of Last Year Won Six Emmys, Including the One That Counts
The Long View
The Doors Closed at Half Past Four, and Two Thousand Performances a Year Closed With Them
The Long View
The EU Cannot Admit Canada, So It Has Invented a Category Instead
The Long View
Kosovo's Former President Was Convicted by a Court Kosovo Agreed to Create
The Long View
The Board Voted to Close the Kennedy Center Hours After a Judge Refused to Let It Carry Trump's Name
Editor's Choice
Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
An outbreak of this size is not a failure of medicine.
Latest News
Everything we have published, newest firstOpenAI Is Sounding Out a $1.5tn Valuation and Putting Off the Listing
Reports put OpenAI in early talks over a share sale valuing it near $1.5tn, roughly double the $730bn of its last round, while the company signals an IPO is not imminent. Staying private is the point: the number is easier to sustain when nobody trades it daily.
The Hormuz Closure
The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
The House passed a war powers resolution 220 to 204 late on Tuesday, directing the president to remove US forces from hostilities with Iran. Seven Republicans crossed. It is the third time the chamber has voted this way since June, and none of the three has reached the president's desk. The Congressional Budget Office put the war's cost at $2bn to $3bn a month.
Five Percent. The Monday the Price of Money, Energy and the Future Moved Together.
On Monday the 10-year Treasury yield touched 5 percent for the first time since 2023. Brent neared $110 before settling back. Diesel set a record at $6.23 a gallon. Chip stocks fell almost 6 percent. By the close, markets put the odds of a Federal Reserve rate increase on Wednesday above 90 percent. Each of those has its own story. Together they describe one: the end of the assumption that the shocks of this year would pass on their own.
Iran's Nuclear Chief Was Kept Out of the Room Where Its Inspections Are Argued
Austria revoked the visa of Mohammad Eslami, head of Iran's Atomic Energy Organization, before the IAEA's General Conference opened in Vienna on Monday. The United States objected to a UN sanctions waiver for his travel, and under the committee's rules one objection was enough. Iran says the host country broke its obligations. The conference it cannot attend is the one that debates its nuclear programme.
The Labs Asked for Rules. The President Says the Guardrail Is Him.
An industry asking to be constrained is unusual. A government declining to constrain it is more unusual still, and it leaves the proposal resting on exactly the voluntary commitments its authors said were not enough.
The Drones Hit a Warsaw-Bound Train Minutes After the Diplomats Passed Through
A strike on a rail line to a NATO capital, timed close to a visiting delegation, is not the same kind of event as a strike on a Ukrainian city, and every government involved knows the difference.
The Former Rebels Are Losing Bangsamoro's First Election to Other Former Rebels
With nearly all votes counted in Bangsamoro's first parliamentary election, the Bangsamoro Federalist Party leads on 35.2 percent against 32.4 percent for the United Bangsamoro Justice Party, the Moro Islamic Liberation Front's own party. The leader in front is the region's chief minister, himself a former MILF commander. Turnout passed 82 percent. Proclamations are delayed.
A performing arts centre runs on three kinds of money: tickets, donors and grants.
Bangsamoro Voted for Its First Parliament. The Peace Deal Promised It Twelve Years Ago.
More than 2.3 million voters in the Muslim-majority Bangsamoro region of the southern Philippines were eligible on Monday to elect the region's first parliament, the step that ends the transition set up by the 2014 peace agreement with the Moro Islamic Liberation Front. A shooting near a polling station killed three people the day before. Results are still to come.
Sweden Voted on Whether the Far Right Should Govern, and the Far Right Went Backwards
The campaign turned into a vote on a single question: whether the party that had propped up the government from outside should sit inside it. On the preliminary count, the answer was a narrow no.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
Alison Acosta
Technology Correspondent
Daniel Okafor
Markets Editor
Margaret Holloway
Editor-at-Large
The Story So Far
The Hormuz Closure21 stories
- 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.
- 16 Sept Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
- 16 Sept The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
- 15 Sept Five Percent. The Monday the Price of Money, Energy and the Future Moved Together.
Most Read
-
The Ports Fixed Themselves. The Roads Behind Them Did Not
National News
-
Everyone Diversified Their Model Suppliers. Almost Nobody Diversified the Layer Underneath
AI
-
Agencies Cannot Hire Fast Enough to Spend What Congress Appropriated
National News
-
The Equipment Lease Was the Last Easy Credit. It Is Not Any More
Business
-
The Delivery Room Is the First Thing a Rural Hospital Closes
Health
-
The Quiet Revenue Line in Your Index Fund
Markets
-
School Districts Are Budgeting for Students Who Never Arrived
National News
The Cranberry Brief