Major oil-producing countries are considering extending their efforts to curtail global petroleum supplies and raise crude prices, but Russia is cheating on its commitments to reduce output. Oil is down again to $48!
Urban Outfitters Inc. Chief Executive Richard Hayne likened the malaise in retail to that of the housing crisis. He blames retailers for opening too many stores in the 1990s and early 2000s. “Like housing, [the retail store] bubble has now burst,” he said. “We are seeing the results: doors shutting and rents retreating.” I’d add that we are seeing a re-alignment of the supply chain and distinct changes in product flow. This was brought home to me when my wife, not finding my favorite tea (PG Tips Decaf) in the local grocery store, ordered it from Amazon.