National Average Price Per Gallon: $3.23
Exxon Mobil reported its quarterly profits last week. Unfortunately, they fell short of expectations.
The company experienced greater-than-anticipated expenses associated with maintenance and operations, which ate into earnings.
Neil Chapman, senior vice president at Exxon, expressed frustration over these maintenance issues. But he indicated that the company has a plan to address them going forward. “We are not happy about it. We’re all over it,” he said. “We thoroughly investigated. There was nothing systemic in these incidences.”
Framing lumber: $491
After reaching record highs in June, framing lumber prices have been on a steady decline. Mills are attempting to entice buyers by increasing already deep discounts.
Structural panel prices also plunged as supplies overwhelmed demand.
According to the most recent jobs report from the Bureau of Labor Statistics, more workers are quitting their jobs.
The “quits” rate is 2.4%, which is the equivalent of 3.6 million jobs. This rate is bolstered by the ten-year-low unemployment rate of 3.9%, which means workers who quit their jobs feel confident that they can find alternative employment relatively quickly and easily.
The quits rate was the highest in the following industries:
- Healthcare and social assistance
- Finance and insurance
- Transportation, warehousing, and utilities