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A welder in a helmet leans over a length of steel pipework in a metal fabrication shop, sparks and a bright blue arc flaring from the seam, with welding sets, gas bottles and overhead ducting filling the workshop behind him.
The Numbers

Claims Fell to 197,000 While Tech Announced 155,126 Cuts. Check the Denominator.

Initial claims for unemployment insurance fell to 197,000 in the week ending 19 September, the Labor Department reported on Thursday, with the insured unemployment rate at 1.1 per cent. Challenger, Gray & Christmas counts 155,126 announced job cuts in technology through August, up 52 per cent on last year and 29 per cent of every cut announced in the United States. Both numbers are correct, and the reason they do not collide is the denominator.

The Warner Bros. Studios water tower rising behind the perimeter wall of the studio lot in Burbank.
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.

Empty seats at an airport departure gate in silhouette against a floor-to-ceiling window at dusk.
The Long View

Twenty-Five Years Later, One Rule Has Been Given Back

From this week, TSA PreCheck members without a ticket can apply to pass through security and wait at the gate, at thirteen airports to start. It is a small programme with an application form attached. It is also the first piece of the September 2001 security settlement to be handed back rather than added to.

A person signing a contract with a ballpoint pen.
The Long View

The Deal Was Structured to Avoid a Filing. The Filing Is Now the Investigation.

The Justice Department has issued Nvidia a formal demand for information over its licensing arrangement with Groq, in which Groq's chief executive and chief operating officer moved across. The question is whether a licence plus a mass talent transfer is an acquisition that should have been reported. It is the first formal test of a structure the whole industry has been using.

A blue industrial robot arm working alongside automated tooling on a factory production line.
The Numbers

Four Thousand Jobs, and None of Them on the Line

Jaguar Land Rover confirmed the cuts on Monday. They are voluntary, they are salaried and management, and they are non-production. This paper said on Saturday that the thing to watch was which functions. That is the answer, and it is not the one the week's reporting had prepared people for.

Rows of new cars parked in a distribution lot.
The Long View

The Complexity Was Supposed to Be the Advantage

Porsche's operating margin went from 14.5 percent to 0.3 in a year. Volkswagen Group deliveries in China fell 37 percent in a quarter, in a market down 20 percent overall. Some investors have concluded the group is not fixable, and the interesting question is what fixing it would require.

Appliances moving along a factory assembly line.
Business

The Word in the Announcement Is Secures, Not Creates

GE Appliances is putting a billion dollars into Appliance Park in Louisville, moving dryer production from Mexico and, in an earlier tranche, washer production from China. The company says the investment secures 4,700 manufacturing jobs. The announcement was made jointly with the union.

Central Billet Yard at Scranton Army Ammunition Plant
Field Notes

The Gun Is Not the Constraint. The Chemistry Behind the Shell Is.

The US Army's acquisition chief spent a day in August on a howitzer production line in Changwon. The more consequential arrangement is in Arkansas, where a Korean firm has a preliminary lease at a US arsenal to build a $1.3bn plant making nitrocellulose and nitroguanidine — the chemistry every artillery shell is built on, and the part America stopped making.

Rooftop view of apartment buildings and hvac units
Business

The Rollup Comes for the Plumbing Business

Private capital has spent three years buying HVAC, plumbing and electrical contractors at multiples the trades have never seen. The thesis is sound, the integration is harder than the model assumed, and the second wave is arriving at higher prices.