National Average Diesel Price Per Gallon: $3.38
Last week, oil market analysts expressed concerns that possible sanctions against Saudi Arabia could cause the price per barrel to skyrocket.
This week, however, U.S. crude futures fell 11% to a five-week low.
According to Matt Smith, director of commodity research at ClipperData, the price decrease is due to several factors. These include a high amount of oil held in storage tanks in the U.S., fears that previous oil price spikes could erode demand, and an overall market sell-off triggered last week by trouble on Wall Street.
Framing lumber: $360
The downward momentum of framing lumber prices continued last week. A worker picket at a mill in British Columbia, Canada caused some traders to worry about an impending supply shortage. But the picket only lasted one day, which wasn’t long enough to contribute to any potential rise in product prices.
Structural panel prices also plunged. Mills are still lowering prices in an effort to alleviate over-supply.
Hiring for the 2018 holiday season is starting to heat up.
According to the National Retail Federation (NRF), retailers will hire an estimated 650,000 seasonal workers this year. This is a 10% increase over last year.
The NRF also predicts that the strong economy and low unemployment rate could boost wages both with retailers and logistics companies.
Here are the seasonal hiring numbers for some of the biggest U.S. retailers:
Gap Inc.: 65,000
J.C. Penney: 39,000
American Eagle Outfitters: 22,000
Dick’s Sporting Goods: 5,000
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