Strait of doubt: U.S. Central Command head Adm. Brad Cooper says American forces have cleared Iranian mines from international shipping lanes in the Strait of Hormuz using Navy divers, SEALs and aircraft. However, U.S. allies and officials familiar with internal assessments doubt that all of the estimated 80-150 Iranian mines have been removed. The U.S. says international shipping lanes are now open, and Treasury Secretary Scott Bessent says the U.S. has guided 130 million barrels of oil through the strait over the past 14 days. Bloomberg has the full story.
Southern mills close: The U.S. pulp and paper industry is facing a historic wave of mill closures, hitting the South especially hard as recycled cardboard, cheaper imported pulp and more efficient packaging reduce demand. The resulting 10% drop in U.S. containerboard capacity has sent southern pulpwood prices to nearly 40-year lows, leaving some growers struggling to find buyers or even paying to remove trees. The Wall Street Journal has the full story.
Stabilizing: U.S. apartment rents rose 0.1% in August, marking their seventh consecutive monthly increase and the first August gain since 2022, signaling that the rental market may be stabilizing after years of declines. The national median rent reached $1,390, still 0.8% below a year ago, while the vacancy rate fell to 7.1% after six straight months of declines. The recovery varies by region, with rents rising in the Northeast, Midwest and parts of the West Coast but continuing to fall in the South and Mountain West. CNBC has the full story.
