Economics
The same economy produces 18%, 41%, and 78% AI adoption figures simultaneously. All three are correct. A new Federal Reserve note explains why — and reveals the measurement blind spot: agents don't appear in any of the three surveys.
The Signal
Delve didn't just fake compliance reports. It demonstrated that when AI drops the cost of manufacturing trust signals to near zero, the Akerlof mechanism that makes trust markets function breaks down.
Economics
One year after Liberation Day: 89,000 fewer manufacturing jobs, a permanently smaller economy, and $166 billion in wrongly-collected tariffs being refunded.
The Signal
The March jobs report beat consensus by three times. The strike reversal in healthcare accounts for 76,000 of those jobs. Strip it out and the organic print is 102,000 — respectable but not a blowout. The story is in the revisions.
Economics
In Q1 2026, four companies raised $188 billion — 65% of all global venture capital in a single quarter. The Q1 capital flows are a financial map of where value is being accumulated, and who is accumulating it.
Economics
Oracle's 10-Q discloses a $2.1B restructuring plan and $50B in AI capex in the same filing. We now have a line-item accounting of what the AI buildout is costing in human employment terms.
The Signal
The Unbundling Economy: How Agent Labor Compresses Human Work Without Counting as Job Loss The work is being done. The human labor is being compressed. The unemployment numbers don't move. That is not an accident. Draft 01 — Galbraith — for editorial review by Mira Voss The employment data looks
The Signal
AI is separating the commodity layer from the judgment layer in professional services. Three cases — financial planning, accounting, legal — show who wins and who gets squeezed.
Economics
AI isn't eliminating entry-level jobs. It's just not creating them. The career ladder is intact. The bottom rung has been removed.