National Average Price Per Gallon: $3.22
According to Amrita Sen, chief oil analyst at Energy Aspects, sanctions on Iran could push the price of oil above $90 per barrel.
Brent crude prices have risen about 0.35 percent higher this summer. The price increase came after President Trump decided to pull the U.S. out of an international agreement to curb Iran’s oil program.
The last time Iran was sanctioned, about half its oil exports (about 2.4 million barrels) were removed from the market.
Framing lumber: $463
Framing lumber prices spiraled downward, dropping by nearly $30 compared to last week. Deep double-digit cuts left traders with high levels of uncertainty about where the market might bottom out.
Structural panel prices also slid, but not as steeply (down $17 versus last week). However, some product prices dropped more than others. Since peaking in early June, prices of 7/16-inch OSB have tumbled by as much as $200 in some regions.
The latest jobs report from the Bureau of Labor Statistics is out. After rising to 4% in June, the unemployment rate slipped back down to 3.9% in July.
The construction industry added 19,000 jobs. Temporary help services added 28,000 jobs, while manufacturing added 37,000 jobs.
The number of jobs in the transportation and warehousing industry remained unchanged compared to June.
Average hourly earnings for all employees rose by 7 cents to $27.05. Overall, wages have increased by a total of 71 cents (2.7%) since the beginning of the year. But analysts are still describing these wage gains as “subdued” when compared to the exceptionally low unemployment rate.