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Oil prices fell today after President Donald Trump said he was about to make a final decision on extending the ceasefire with Iran. Deal or no deal? Good question. Trump made no announcement after the meeting. 
 
In today’s newsletter: a growing wage gap between hourly and salaried workers, reading the tea leaves in oil futures, and comparing your pay to America’s top CEOs. First off: bagel lovers are queuing up on the West Coast for the humble nosh.  Crystal Ligori of Oregon Public Broadcasting explores what’s behind all the lines. — Carrie Barber, newsletter editor 

P.S. Don’t forget to take the Marketplace News Quiz!
People stand in a long line outside a shop with Pipsqueak Bagels written on the glass.
Crystal Ligori/Oregon Public Broadcasting
Why the bagel economy is on a roll
In Portland and Seattle, artisan bagel shops are drawing lines around the block and selling out daily.
Outside of New York, bagels have been slow to garner the same sort of attention or cache of other viral foods. But that seems to be changing, especially on the West Coast.

On a sunny spring morning in Southeast Portland, a line was already starting to wrap around the block in front of Pipsqueak Bagels.

“The bagels looked really good online, so we thought we would come give it a try,” said Regan Mandzij, who was here with her mom.

It’s only 8:30 a.m., but the pair were some of the 40-or-so folks waiting for a weekend bagel.

“We didn’t mind standing outside cause it’s warm out, but we did not know it was gonna be 45 minutes,” she said.

A wait this long may seem unheard of for a bagel, but the simple formula of flour, water, and yeast is much more than just its ingredients, Sam Silverman explained. He’s president of Bagel Up, an organization dedicated to “promoting bagels and the people, culture, and community behind them,” he said.

“Even though the cost of the goods is relatively low, the amount of time and effort that goes into it is much higher than a lot of other foods,” said Silverman, New York's self-proclaimed bagel ambassador. These artisan bagels go way beyond your grocery store bagged variety.

“To do bagels the right way, it's a minimum two-day process,” Silverman said. “You make and shape the dough by hand, and then the following day, after the dough has been allowed to cold ferment, it's then boiled, seeded, and baked.”

Silverman said one of the reasons he thinks there’s been a rise in popularity outside of New York City is the amount of people who relocated during the pandemic.

“The exodus of New Yorkers and Northeasterners who went to other places in the country and brought their standards for bagels with them was the perfect match for local entrepreneurs to fill that hole in the market,” he said.

That includes entrepreneurs like Andrew Rubinstein, who noticed the bagel void even earlier.

“I'd already been thinking about bagels in around 2016 — the fact that they just weren't what I thought were great bagels in the Seattle area,” he said.

Rubinstein is the owner of Hey Bagel, and before he went brick-and-mortar last year, he was meeting people in parking lots to give them bagels.

“I was baking out of a commissary kitchen [and] loading up my Ford Explorer with bags of bagels,” he said. “I would poach in grocery store parking lots, in transit centers, and people would come and have their clandestine pickups.”
READ MORE


 
News you should know
Let’s do the numbers
  • Wall Street’s hot streak continued today , boosted by Big Tech stocks. The S&P 500 rose 0.2% to a new record high, and its ninth-straight winning week. The Dow gained 0.7% and the Nasdaq added 0.2%, fresh highs for both.

  • U.S. corporations have trimmed their income taxes by $40 billion since last year by parking their profits in foreign tax havens. One example: American Express used the island of Jersey to avoid $423 million in taxes. It may be technically legal, but the IRS isn’t happy about it.

  • Orders for durable goods — cars, planes, and machinery designed to last at least three years — were up 7.9% in April from March. Civilian plane orders alone were up a whopping 166%; more efficient aircraft are a big incentive for airlines as jet fuel prices soar.

Energy
  • Oil futures markets are betting there will be a glut in five or more years, with prices falling below $60 a barrel. One reason: Oil-importing countries could turn to renewable energy more eagerly as the Iran war drags on. 

  • A barrel of Brent crude oil fell to $92.05 today. Brent prices tumbled more than 17% in May, the worst loss in six years. The national average for a gallon of regular gas was $4.39.

Workplace
  • Hourly wages went up 1.7% in the past year, while salaried wages climbed 2.9%, according to new data. Hourly workers are typically less experienced than their salaried counterparts, but both groups lost buying power in the end. Inflation rose more quickly than their pay.
  • Did you know tomorrow is Creativity Day? Neither did we. But the Bureau of Labor Statistics is celebrating with a list of 10 creative careers predicted to add the most jobs in the next eight years. Can you guess what tops the list?


QUOTE OF THE DAY
“It has manual crank windows. There's no infotainment system. I think it has air conditioning, but that's literally about it.”
— Sam Abuelsamid, vice president of market research at Telemetry
If Ferrari’s new $640,000 electric vehicle doesn’t fit your budget, the Jeff Bezos-backed Slate might be more in line. As Abuelsamid described above, the bare-bones Slate is made to sell as cheaply as possible. The base model is a two-door pickup with unpainted gray plastic on the outside and a price tag starting in the mid-$20,000 range. It’s one of a growing number of cheaper EVs coming to the U.S. market as automakers prepare for competition from China’s low-priced models.
HEAR MORE
Take the Marketplace news quiz!
Listen to “Marketplace,” test your knowledge, brag to your friends.
LET'S GO
A man sitting at a desk holds $100 bills with a huge smile on his face.
Motortion/Getty Images
Final note
How long would it take for you to earn $821 million?
That’s how much Welltower CEO Shankh S. Mitra makes a year, or 6,569 times more than his typical employee. Mitra is the highest-paid executive in this fun but also depressing interactive graphic that compares your salary to compensation packages of the country’s top executives. For instance, it would take a worker in the middle of Welltower’s pay scale more than 9,000 years to make as much as their boss. In 2025, pay packages for chief executives rose about 6% to $17.7 million, the Associated Press found in a survey of 337 CEOs at S&P 500 companies.
 
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