National Average Diesel Price Per Gallon: $3.39
The disappearance of Saudi journalist Jamal Khashoggi has raised the possibility of sanctions against Saudi Arabia.
President Trump has said that there will be “severe punishment” for Saudi Arabia if Khashoggi was killed in the kingdom’s consulate. And Saudi Arabia has already said it will retaliate if sanctions are imposed.
According to Robert Carnell, chief economist head of research at ING, the incident “opens a new source of risk” because “any Saudi retaliation will presumably mainly come through reduced oil supply and higher prices. That won’t help market sentiment.”
Framing lumber: $373
Framing lumber prices continued to slide. Supplies are still easily outpacing demand across all lumber-producing regions in North America.
Hurricanes often drive up the price of plywood, but not this time. Structural panel prices dropped despite Hurricane Michael hitting the Florida Panhandle last week. An over-supply of plywood left over from Hurricane Florence seems to be causing the current price slump.
With the unemployment rate at a historic low of 3.7% and high levels of consumer confidence, worker wages are rising.
Average hourly earnings rose in September to 2.8% to $27.24. This is an increase of $0.73 for the year.
The tight job market is hitting small businesses disproportionately hard. Small business owners are being forced to retain their current workers by increasing wages and incentives.
“Small firms are definitely squeezed by current labor conditions. Many cannot find the skilled employees they need,” said Karen Kerrigan, president and CEO of the Small Business & Entrepreneurship Council.
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