National Average Diesel Price Per Gallon: $3.27
Concern over oil under-supply continues as sanctions on Iran threaten to reduce supply by 1 million barrels per day.
According to J.P. Morgan, a spike in oil prices to $90 per barrel is likely in the coming months. But even though Iran’s oil output has fallen “dramatically” due to sanctions, OPEC has given no indication that it has plans to boost supply to cover the shortfall.
Framing lumber: $423
Last week saw more volatility in the framing lumber market. Prices tumbled $18.
Hurricane Florence had raised prices for structural panels over previous weeks. But now that the storm has passed, trading in plywood and other panel products has slowed abruptly and left prices flat.
Hiring for the holiday shopping season is starting to ramp up. But some retailers fear they won’t be able to find enough workers.
The unemployment rate has been sitting at 3.9% for months, making it increasingly difficult for employers to find qualified workers. And the retail industry is no exception.
“I think we’re going to see [labor] shortfalls, that means even more lines,” said Diane Swonk, chief economist for Grant Thornton. “Usually one of the best indicators for how the economy is how bad the service is because they cannot staff up enough.”
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