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The letter of the day is “E.” That’s for E-shaped economy, a phrase popularized by economist and Marketplace contributor Heather Long. Today’s Beige Book has examples of that stratification, which we’ll get into in today’s newsletter.
 
If you’re feeling flush, we’ll also look at how you can get a piece of SpaceX’s cosmically large IPO — though you’ll probably end up invested whether you want to or not. We’ll explain. Plus, some labor market data to chew over before the May jobs report arrives tomorrow.

First though, let’s look at the complicated business of updating old bridges for today’s massive cargo ships. — Tony Wagner and Carrie Barber newsletter editors
A ship laden with cargo containers on the Columbia River.
A container ship on the Lower Columbia River heads from Portland to the Pacific. It will pass under the Lewis and Clark Bridge, identified by the NTSB as potentially at risk of a ship collision and collapse. (Mitchell Hartman/Marketplace)
States spend to reinforce at-risk bridges after collapse in Baltimore
The nearly 100-year-old Lewis and Clark Bridge connecting Oregon and Washington wasn’t built to accommodate the giant ships that now travel underneath it. Marketplace’s Mitchell Hartman got an up-close look.

A steady stream of ships — from bulk carriers to towering container and cruise ships — navigate the Lower Columbia River from Portland, Oregon, to the Pacific Ocean, past rail yards and port facilities loading grain, potash, logs and cars.

I boarded a small launch that shuttles around pilots, crew, and the occasional journalist. The ride's a little rough as Capt. Tyson Hill motors us toward the Lewis and Clark Bridge in Longview, Washington.

After the 2024 fatal collapse of Baltimore’s Francis Scott Key Bridge, the National Transportation Safety Board conducted a national survey to find other bridges that could face a similar risk. Of the 68 found, 34 were identified as “critical” to the U.S. transportation network, including the Lewis and Clark Bridge. 

“You can see the channel right here,” Hill said. “It definitely gets close to the Washington side. I hadn’t noticed that before.”

The channel for ocean-going vessels — which Tyson can see on a screen from his pilot’s chair — makes a tricky turn, then passes close to one of the bridge’s spindly support towers. The towers have no protective bumpers, called “fenders,” to defend against a wayward ship.

“It’s a single-point failure bridge, much like the Francis Scott Key Bridge,” explained Capt. Jeremy Nielsen, president of the Columbia River Pilots, onboard guides for every large ship navigating the river. “So if you hit that support tower, if the top of the ship hits the underside of the bridge, that whole bridge is coming down.”

Nielsen said there have been close calls. The pilots shared a video with me: It shows a huge cruise ship, sounding like a train engine, churning toward the bridge on its way back to sea from a Portland shipyard. There’s no sound from the crew as the ship’s front radar tower passes close under the bridge span, cars and trucks whizzing by overhead. Then the rear tower barely squeaks by, with just 4 feet to spare.

Other heavily laden ships have lost power and barely missed hitting the bridge, Nielsen said. Part of the danger comes from the size of today’s ships.

“The largest vessels that we see — 1,200-foot container ships — until you stand up next to one, it’s tough to grasp how big those really are,” Nielsen said. “So our safety margins have decreased dramatically.”

The problem certainly isn’t limited to the Columbia River. Bridges built before the 1990s didn’t have today’s big ships in mind.

“In the ’70s container ships had 3,000 to 4,000 containers,” said Maria Lehman, a professor at the University at Buffalo and former president of the American Society of Civil Engineers. “Today it’s 20,000 to 24,000. So that’s five to eight times increase. Their length, their beam, their draft, they have more mass than they did, which means they have much more momentum.”
READ MORE


 
News you should know
Let’s do the numbers
  • Stocks surged after oil prices fell. The Dow jumped 1.7% and the Russell 2000 index of smaller stocks rallied 1.4%. The S&P 500 added 0.4% and the tech-heavy Nasdaq fell 0.1% on some heavy losses in semiconductors.

  • SpaceX set its IPO price: $135 a share. That would set up Elon Musk’s rocket and AI company to raise about $75 billion in the biggest public offering ever.

  • Fidelity announced it would give retail investors easier access to SpaceX shares, but if you have a retirement fund you’re probably going to be invested anyway.

  • Investors are getting jittery about private credit, and funds are limiting how much they can withdraw. Let’s get you up to speed on the story so far with this market.

  • Macy’s reported growing sales for the fourth quarter in a row. Turns out, the secret to a turnaround was doing less.

  • U.S. oil inventories have hit their lowest level in 22 years. Today, a barrel of Brent crude dropped to $95.03, and a gallon of regular gas averaged $4.24.
 
The labor market
  • Cold comfort: Researchers at the Boston Fed found the oil shock brought on by the Iran war will have a much smaller impact on American jobs than similar shocks in prior decades.

  • The number of U.S. workers holding only part-time jobs when they’d rather be working full time is steadily rising; it’s up 35% from a low in 2022’s very different job market.

  • First-time unemployment claims jumped to 225,000 this week, the most since the U.S. attacked Iran in February.

  • Economists predict 85,000 jobs were created in May. Payroll processor ADP said this week private employers added 122,000 positions. See how far apart these two reports have been the past few years.

Local economies
  • A mild winter means Western mountain states added thousands of additional construction jobs this year.

  • The Federal Reserve’s latest Beige Book showed higher oil prices are squeezing households across the country, though some are impacted more than others. Check out some highlights and learn why the Fed’s local check-in makes for colorful reading.


QUOTE OF THE DAY
“Move fast, but I think for a lot of people there are certain things that have to be broken … the years have kind of taught us that the systems don't work for a lot of people.”
— Wes Moore, Maryland governor
Moore was an entrepreneur before he was a politician, and said the speed and flexibility he learned in business has helped him counter the slow-moving legislative process.

“Marketplace Tech” host Stephanie Hughes went to Annapolis to talk with Moore about Maryland’s first-in-the-nation ban on dynamic pricing at grocery stores, training workers for an AI economy, and how he uses artificial intelligence in his job.
HEAR MORE
Treasury Secretary Scott Bessent, a man with gray hair
Treasury Secretary Scott Bessent (Chip Somodevilla/Getty Images)
Final note
Treasury secretary sets the record straight
Bill Pulte, President Donald Trump’s pick for acting director of national intelligence, is not universally beloved by Republicans, or even Trump’s own cabinet.
 
His tenure as head mortgage regulator has been controversial. The construction scion convinced the president to promote a 50-year-mortgage and used mortgage data to instigate criminal investigations of Trump foes like Fed governor Lisa Cook.
 
In a hearing yesterday, Republican Sen. Thom Tillis, who has repeatedly stood up for Fed independence this year, asked Treasury Secretary Scott Bessent if he had once threatened to punch Pulte in the face, as Politico reported last fall.

“I actually said I was going to kick his ass," Bessent replied. Watch the video here. We always appreciate accuracy at Marketplace, though we wish Bessent had been a bit more forthcoming about whether his boss is immune from tax audits.
 
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