National Average Price Per Gallon: $3.239
Some analysts are predicting that climbing oil prices are about to level off or drop.
“[Over the next twelve months] we think we’re more likely to be in sort of a $55 to $75 range, which is a little bit lower than where we are today,” said Manpreet Gill, head of fixed income, currencies and commodities investment strategy at Standard Chartered Private Bank. “The question for us is how much more can this price move, in the sense of how much more bad news can we get?”
The “bad news” Gill was referring to includes political turmoil in Venezuela, impending U.S. sanctions on Iranian oil exports, and oil production cuts by OPEC.
Framing lumber: $568
The Framing Lumber Index skyrocketed to another record high. Robust seasonal demand pushed the price up by $25 compared to last week, resulting in a new all-time high of $568.
The Structural Panel Index price also climbed thanks to high demand and limited supply.
The low unemployment rate of 3.9% is intensifying the labor shortage. This is leading some U.S. firms to try retaining workers who are about to retire.
Manufacturing is one of several industries with a large share of workers who are approaching retirement age. According to a 2018 survey by the National Association of Manufacturers, 35% of manufacturing companies are encouraging potential retirees to stay on.
Other industries with a large percentage of workers who are approaching retirement age are: health care, insurance, accounting, and engineering.
“I don’t know of a single company that isn’t trying to retain older workers more actively,” says Alexander Alonso, chief knowledge officer for the Society for Human Resource Management.
Sources: Random Lengths, EIA, CNBC (1), CNBC (2)