The importance of the Atlantic Meridional Overturning Circulation (AMOC) heat transport for climate is well acknowledged. Climate models predict that the AMOC will slow down under global warming, with substantial impacts, but measurements of ocean circulation have been inadequate to evaluate these predictions. Observations over the past decade have changed that situation, providing a detailed picture of variations in the AMOC. These observations reveal a surprising degree of AMOC variability in terms of the intraannual range, the amplitude and phase of the seasonal cycle, the interannual changes in strength affecting the ocean heat content, and the decline of the AMOC over the decade, both of the latter two exceeding the variations seen in climate models.