Main Street Squeezed?

Small Business Owners Testify to Congress

Forbes Breaking News · full hearing · 1 hour 27 minutes

Today's Stories

1. Riyadh airport strikes: 13 dead, including an American; Trump says the US "may" join the fight

• A missile hit Riyadh's King Khalid International Airport Saturday. Saudi aviation officials say 12 were killed and 309 wounded; a 13th victim died Sunday. Among the dead: 1 American.
• Another strike Sunday killed 1. The airport is closed at least through Oct 17.
• Trump told ABC News the US "may" join Saudi strikes on the Houthis. No decision yet.

If you own a business: every flare-up in the Gulf shows up in your fuel bill. Diesel is already over $6.

Sources: Al Jazeera · NPR · CNN

2. Trump announces an "energy ceasefire" between Russia and Ukraine

• The White House announced it Sunday. Zelenskyy says Ukraine agrees if Russia does, and that he learned about it from the media.
• Monday, Zelenskyy said Russia hit 6 Ukrainian energy sites anyway. The Kremlin says only that "contacts are ongoing."

Sources: CBS News · Washington Post

3. Federal agents search Rep. Ilhan Omar's home

• Homeland Security Investigations executed a judge-approved search warrant at her DC-area home Monday in what the Justice Department calls an "ongoing federal criminal investigation."
• ABC News sources say the investigation relates to her immigration paperwork. NBC's source says it is a years-long probe that includes immigration and fraud.
• Omar denies wrongdoing and calls it an attempt to "weaponize federal law enforcement." No charges have been filed.

Sources: NBC News · The Hill · ABC News

4. Isaias: 4 dead, power coming back, households can't apply for FEMA aid yet

• CBS counts 4 deaths, 2 in Florida and 2 in Alabama. Outages peaked above 884,000; by Sunday night about 170,000 Floridians were still out.
• Remnants spun up at least 8 tornadoes in North Carolina.
• The federal declarations so far are emergency declarations, which do not include individual assistance. Florida says it is ready to request a major disaster declaration. Early insured-loss estimates: $4 billion to $6 billion.

If you own a business: document the damage and file your claim now. Don't wait on FEMA.

Sources: CBS News · FEMA · The Insurer

5. ICE shooting in Manhattan: the man's record, and the investigations

• Who he is, per DHS: Oscar Belgal (also spelled Bergal), 28, from the Dominican Republic, with a New York record that includes robbery, grand larceny and armed robbery charges. An ICE detainer on him was not honored under New York's sanctuary law. DHS says he drove at officers; his lawyer disputes that.
• Since then: a federal judge blocked his deportation, the Bronx DA is investigating the agents, and New York's Attorney General wants a full probe.

Sources: CBS New York · theGrio · amNY

6. Judge orders a stop to taxpayer-funded administration TV ads

• Judge Jennifer Rochon issued a 14-day order stopping DHS from spending more of a $20 million ad budget. About $19 million was already spent. The White House calls them public service announcements.

Sources: NBC News · Axios

7. Midterms: 21 days out

• Trump rallied in Tennessee Saturday and Ohio Monday, with Alaska, Arizona and Montana later this week.
• Poll averages give Democrats about an 8 to 9 point lead on the generic ballot.

If you own a business: who wins Congress decides your tax rates and tariffs in 2027.

Sources: NBC News · Silver Bulletin

8. Also: 8 killed in Erie, Pennsylvania; Pope Leo to have lung surgery

• Police say a 45-year-old man killed 8 people, 7 of them relatives, including 2 children and a pregnant woman, then himself.
• Pope Leo XIV says he will have surgery to remove an early-stage nodule on his lung.

Sources: CNN · NBC News

Your Money and the Job Market

1. Diesel tops $6.27. Trump defends the Russia diesel deal

• AAA: diesel averaged about $6.27 Monday, roughly $2.60 above a year ago. Regular gas: $4.36.
• Small truckers say every extra $1 a gallon costs them about $400 a week. Trump defended easing limits on Russian diesel after criticism from both parties.

If you own a business: price fuel into every quote, or it comes out of your pocket.

Sources: The Hill · Fortune · CNBC · ABC News

2. The smallest businesses are shedding jobs

• The QuickBooks small business index shows companies with 1 to 9 employees cut about 7,000 jobs in September.

Sources: QuickBooks

3. New grads: "too much experience" required for entry-level jobs

• A Cengage survey: 77% of new grads say employers want too much experience for entry-level jobs, and 75% say there are too few true entry-level openings.

If you own a business: young people locked out of jobs are your future customers, and some of your best future hires.

Sources: CNBC

4. Car payments hit a record $787 a month; heating oil up 34%

• Edmunds: a record 25.5% of new-car loans now run 84 months or longer.
• The Energy Department expects home heating oil to average $5.26 a gallon this winter, up 34%.

Sources: CNBC

This week's numbers

• Tue: NFIB small business optimism (August was 98.7). JPMorgan, Goldman, Wells Fargo and Citi earnings.
• Wed: September inflation (CPI). Census new business applications (August: 531,728, down 7.8%).
• Thu: Weekly jobless claims (last week 197,000). Fed Chair Warsh speaks.

Sources: NFIB · Census · TipRanks

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