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More than 2 million Americans who retired during the coronavirus pandemic and were expected to return to the labor force have declined to do so, leaving companies scrambling to lure back “excess retirees,” according to economic analysts.

A study by the Federal Reserve Bank of St. Louis found that there were 1.98 million excess retirees as of September, according to Bloomberg News.

Late last year, there were 2.8 million excess retirees.

The number has recently bounced higher after dipping to 1.7 million in June, according to government data.

In the pre-pandemic period, the labor force participation rate of those over the age of 65 reached nearly 21%.

By the summer of 2021, however, as the nation was in the thick of COVID-induced lockdowns, the participation rate dipped to just over 18%.

As of late October, the number still hadn’t fully recovered, with just 19.3% of those in the labor force over the age of 65.

In the first 18 months of the pandemic, there were around 2.4 million additional Americans who retired unexpectedly — a majority of the 4.2 million who left the work force between March 2020 and July 2021, according to the St. Louis Fed.

Since then, around 1.5 million retirees re-entered the workforce.

A survey by personal investment firm T. Rowe Price found that the need for mental stimulation as well as financial reasons motivated the “unretirement” trend .

The exodus of retirement-age Americans has created a shortage in the labor market — prompting companies to scramble to fill their payrolls.

Firms are offering retirees incentives such as part-time or remote work in hopes of filling key roles.

Blue-chip companies like H&R Block, Microsoft, and Bank of America are among more than 2,500 businesses who signed an AARP pledge to facilitate an age-inclusive workforce.

Michigan, which is suffering through a severe teacher shortage, recently tweaked a law that aims to make it easier for teachers to come out of retirement and head back to the classrooms without risking their pensions.

Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the US job market remains strong even as the Federal Reserve attempts to cool the economy.

The September openings are down from a record 12 million in March 2022 but remain high by historical standards.

Before 2021 — when the American economy began to surge from the COVID-19 pandemic — monthly job openings had never topped 8 million.

Unemployment was 3.8% in September, just a couple of ticks above a half century low.

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Science

Rocket Lab Launches Kushinada-I: A Leap Forward for Japan’s SAR Network

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Rocket Lab Launches Kushinada-I: A Leap Forward for Japan’s SAR Network

In early August 2025, Rocket Lab successfully launched QPS-SAR-12 (nicknamed Kushinada-I), a synthetic-aperture radar (SAR) satellite built by Japan’s iQPS (Institute for Q-shu Pioneers of Space). This mission, called “The Harvest Goddess Thrives” in honor of a Japanese goddess of harvest and prosperity, was Rocket Lab’s fifth dedicated launch for iQPS. The 59-foot (18-meter) Electron rocket lifted the satellite into a 575-km circular orbit. QPS-SAR-12 will join an expanding constellation of SAR Earth-imaging satellites, enabling all-weather, day-and-night observation. The launch exemplifies Rocket Lab’s niche role in deploying small dedicated satellites and advances iQPS’s goal of a 36-satellite global SAR network.

The “Harvest Goddess Thrives” Mission

According to Rocket Lab’s press release, the Electron rocket lifts off on Aug. 5, 2025, from Mahia, New Zealand. The mission, nicknamed “Harvest Goddess Thrives,” carried the QPS-SAR-12 radar satellite (Kushinada-I) for iQPS. The 18-meter vehicle powered away at 12:10 a.m. EDT (4:10 p.m. NZT).The Electron injected Kushinada-I into a planned 575-km sun-synchronous orbit about 54 minutes after liftoff.

Kushinada-I honors a Shinto harvest goddess and is formally designated QPS-SAR-12. This was Rocket Lab’s fifth mission for iQPS and the 69th Electron flight overall. Rocket Lab is also developing a larger Neutron rocket and operates a suborbital test vehicle (HASTE) for hypersonic research.

iQPS SAR Constellation and Applications

By mid-2025, ten QPS-SAR satellites were in orbit, and Kushinada-I became the 12th launched. iQPS plans a total of 36 small SAR spacecraft. Each satellite carries high-resolution SAR capable of imaging through clouds or at night. The full constellation is designed to revisit any target region roughly every 10 minutes, providing near-real-time monitoring.

The SAR network will image both fixed terrain and moving objects (vehicles, ships or livestock). Rocket Lab notes this continuous data stream “has the potential to revolutionize industries and reshape the future,” unlocking economic insights and predictive analytics for agriculture, urban security and other markets.

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Business

Ofwat chief Black to step down ahead of watchdog’s abolition

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Ofwat chief Black to step down ahead of watchdog's abolition

The chief executive of Ofwat is to step down within months as Britain’s embattled water regulator prepares to be abolished by ministers.

Sky News has learnt that David Black is preparing to leave Ofwat following discussions with its board, led by chairman Iain Coucher.

The timing of Mr Black’s exit was unclear on Tuesday afternoon, although sources said he was likely to go in the near future.

An official announcement could come within days, according to industry sources.

Insiders say the relationship between Mr Coucher and Mr Black has been under strain for some time.

Water industry executives said that Steve Reed, the environment secretary, repeatedly referred to the regulator’s leadership during a meeting last month.

It was unclear on Tuesday who would replace Mr Black, or whether an interim chief executive would remain in place until Ofwat is formally scrapped.

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The complexity of the impending regulatory shake-up means that Ofwat might not be formally abolished until at least 2027.

Mr Black took over as Ofwat’s permanent boss in April 2022, having held the position on an interim basis for the previous 12 months.

He has worked for the water regulator in various roles since 2012.

If confirmed, Mr Black’s departure will come with Britain’s privatised water industry and its regulator mired in crisis.

Water companies are under increasing pressure from Mr Reed, the environment secretary, over their award of executive bonuses even as the number of serious pollution incidents has soared.

The UK’s biggest water utility, Thames Water, meanwhile, is on the brink of being temporarily nationalised through a special administration regime as it tries to secure a private sector bailout led by its creditors.

In a review published last month, the former Bank of England deputy governor Sir Jon Cunliffe recommended that Ofwat be scrapped.

He urged the government to replace it with a new body which would also incorporate the Drinking Water Inspectorate and absorb the water-related functions of the Environment Agency and Natural England.

Speaking on the day that Sir Jon’s recommendations were made public, Mr Reed said: “This Labour government will abolish Ofwat.

“Ofwat will remain in place during the transition to the new regulator, and I will ensure they provide the right leadership to oversee the current price review and investment plan during that time.”

A white paper on reforming the water industry is expected to be published in November with the aim of delivering a reset of the industry’s performance and supervision, according to industry sources.

A handful of water companies have challenged Ofwat’s price determinations, which in aggregate outlined £104bn in spending by the industry during the 2026-30 regulatory period.

Anglian Water, Northumbrian Water and Southern Water are among those whose spending plans are now being assessed by the Competition and Markets Authority.

Responding to the Cunliffe report last month, Ofwat said: “While we have been working hard to address problems in the water sector in recent years, this report sets out important findings for how economic regulation is delivered and we will develop and take this forward with government.

“Today marks an opportunity to reset the sector so it delivers better outcomes for customers and the environment.

“Ofwat will now work with the government and the other regulators to form this new regulatory body in England and to contribute to discussions on the options for Wales set out in the report.

“In advance of the creation of the new body, we will continue to work hard within our powers to protect customers and the environment and to discharge our responsibilities under the current regulatory framework.”

Ofwat has been contacted for comment about Mr Black’s future, while the Department for Environment, Food and Rural Affairs (DEFRA) has also been approached for comment.

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Politics

Insiders, outsiders and experimenters, revisited

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Insiders, outsiders and experimenters, revisited

Insiders, outsiders and experimenters, revisited

Five years after our last global crypto policy review, America leads a pro-crypto shift while China retreats, and new “sovereign innovators” like El Salvador chart bold paths.

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