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Congratulations, you made it to the holiday weekend! This newsletter will be taking Memorial Day off, and we hope you are too. Marketplace will still be on your radio and podcast apps as normal Monday.
 
I can think of one person who won’t be relaxing: Kevin Warsh. He was sworn in today as the new Federal Reserve chair, and boy, he has a lot on his plate. We’ll fill you in below. We also have some numbers to help you navigate the holiday weekend — gas, beef and sunscreen. 
 
If you’re spending time outside, you might be feeding the $100 billion birding industry. My colleague Caleigh Wells just visited the Biggest Week in American Birding festival in Ohio, where she discovered what hobbyists buy and her “spark” bird. Click the bottom of her story to find out what it is.
 
— Carrie Barber, newsletter editor 
Four people stand in the foreground with their backs to the camera. They're facing a wooded area and holding binoculars or cameras.
Caleigh Wells/Marketplace
Birdwatching is a $100 billion industry, and growing
More than a third of people in the U.S. spend money on the hobby. If you’ve ever bought a bird feeder, you’re one of them.
At Barnside Creamery in Oak Harbor, Ohio, Tonia Tice said she owes a lot of the seasonal ice cream stand’s success to birdwatching. And yet, it’s a hobby she doesn’t really know much about.

“As their birding week festivities have come to be more known and have grown, so has our business right alongside of it,” she said.

Her shop is on a rural stretch of road, about 25 miles east of Toledo. It’s under a migratory flyway, about a mile away from the Lake Erie shore, so lots of birds stop in the area before attempting to cross the lake. 

That’s why Northwest Ohio is home to the country’s largest annual birdwatching festival, which concluded earlier this week.

It was chilly and cloudy at the start of this year’s festival. That’s not traditional ice cream weather, but it’s Tice’s biggest week of the season. And the local businesses that supply her ingredients know it.

“When I call for my order,” she said, “They’re like, ‘Yep, it’s birding week, because Tonia just stocked up.’ ”

The aptly-named Biggest Week in American Birding festival brings more than $40 million to Northwest Ohio every year. Hotels sell out months in advance. People fly in from most U.S. states, and there’s no shortage of gear to buy.

Birdwatching is a $100 billion industry. Roughly 1 in 3 people in the U.S. contribute to that industrywide revenue. If you bought a bird feeder to watch the robins and chickadees, then you, too, are a birdwatcher, in the eyes of the U.S. Fish and Wildlife Service.

The conference center lobby is lined with booths of birdfeeders, art, books, and tours. Then there’s the optics tent, filled with binoculars, scopes, and camera lenses worth more than my car.

“The amount of volume we move, I mean, there's more and more people starting birding every day,” said Whitney Lanfranco, who’s running the Land Sea & Sky tent.

Birding had a major moment thanks to COVID-19, because it’s an outdoor, socially distanced activity, and birds kept on doing their bird thing.

One popular phone app, eBird, saw engagement double going into the pandemic. Another one, Merlin, grew fivefold. And a lot of newbies go out and buy binoculars.

“We might have those folks come in today and buy a $200 pair, but if they stick with it over the years, they’ll continuously buy more equipment, go to cameras, go to spying scopes, upgrade their binoculars. It just keeps going,” Lanfranco said.
READ MORE


 
News you should know
Let’s do the numbers
  • Stocks climbed today, despite news that Americans remain sour on the economy. The S&P 500 added 0.4%, the Dow rose 0.6%, and the Nasdaq gained 0.2%. 

  • Consumer sentiment sank to a new low in April, according to the University of Michigan’s index. High prices, especially for gas, are grinding down Americans. Even Republicans are more worried about long-term inflation. 

  • A barrel of Brent crude oil was $100.21 today, and a gallon of regular gas averaged $4.55.

  • Manufacturing is booming, reaching a four-year high on the S&P Global purchasing managers index. But the service industry was virtually unchanged for three months. Why are these two big pieces of the economy diverging?


The Federal Reserve
  • Kevin Warsh was sworn in as Fed chair today, with the economy in turmoil from inflation and the White House demanding lower interest rates, which could drive prices higher. “I want Kevin to be totally independent,” President Donald Trump said at the White House ceremony. Later, he told a rally rates would fall “very quickly.”  

  • But Warsh doesn’t set interest rates alone. Minutes from the last Fed meeting show the majority of central bank officials believe rates could rise if inflation stays elevated.


Prediction markets
  • Minnesota just became the first state to ban prediction markets like Kalshi and Polymarket. At least 14 other states have introduced similar bills in the absence of strong federal guardrails. The Trump administration has sued to block the Minnesota law, saying only federal officials can regulate the industry.

  • What are your chances of making money on Polymarket? Not very good. This interactive graphic shows how prediction markets work, and how just a few users make money.


Memorial Day weekend
  • High gas and jet fuel prices are making it harder for families to get away this holiday weekend, a bad omen for this year’s summer travel season. The travel industry predicts Americans still want to leave town, but they’ll be staying closer to home for shorter periods.

  • Bad news for your barbecue: Trump’s plan to lower beef prices is off the table, at least temporarily, while White House officials try to make both consumers and cattle ranchers happy. Ground beef recently averaged a record $6.90 a pound, tomatoes and hot dogs are way up too. At least eggs are cheap again?


QUOTE OF THE DAY
“You have a device telling you, ‘move here, move there,’ like if you were a robot.”
— Elsa Roldan, housekeeper at a luxury Las Vegas
Automation has checked into the hospitality industry. Roldan’s employer uses the management software HotSOS (pronounced hot sauce), which tracks progress in real time and tells employees which room to clean next. The app is meant to increase productivity, but Roldan said it sends her on a 20-minute walk across the massive hotel, when she could have used the time more efficiently. Other housekeepers say they have more stress and fewer breaks since using the app. Their unions are pushing back.
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Two boys wearing swim suits, shot from the chest down. One has sunscreen smeared on his chest and palms.
Michel Porro/Getty Images
Final note
Slather up
With thousands of sunscreens on the market, how do you choose the right one? The nonprofit Environmental Working Group tested 2,784 products and found only 550 met its safety criteria. But dermatologists like to say the best sunscreen is one you actually wear.
 
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