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National Average Price Per Gallon: $3.104
Citigroup analysts raised their forecast for oil prices for 2018 and 2019 due to geopolitical issues in the Middle East and possible supply disruptions in Venezuela.
The analysts also expect high volatility in oil prices to continue.
In 2019, the group is predicting that oil pipeline bottlenecks from Canada and Brazil will lift prices even further.
Framing lumber: $494
Panels/plywood: $528
Prices of individual framing lumber products were mixed last week. Sales of 2×4 studs were strong, and overall price gains outnumbered price losses. This pushed the composite price up by $2.
Prices of structural panel products were mixed to lethargic, leading to a decrease in the composite price of $4.
According to the latest jobs report from the Bureau of Labor Statistics, the unemployment rate remains unchanged at 4.1% for the six consecutive month.
Also in March:
Construction lost 15,000 jobs, following a large gain of 65,000 in February.
Manufacturing added 22,000 jobs. Over the course of the year, the industry has added 232,000 jobs.
Retail lost 4,000 jobs, after increasing by 47,000 jobs in February.
The average hourly wage rose by 8 cents to $26.82. Over the year, average hourly earnings have increased by a total of 71 cents, or 2.7%.
Sources: Random Lengths, EIA, Bureau of Labor Statistics, CNBC
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