Dropping oil prices: ExxonMobil announced this week it plans to reduce the number of oil rigs operating in the Permian Basin and may cut planned capital expenditures as the spreading coronavirus saps energy demand. The price of a barrel of oil has fallen more than 25% since the start of the year, and 8% in the last month and ExxonMobil now expects to spend less than its planned $30 billion to $35 billion this year. Read the full story.
Jobs report: Hiring in the U.S. jumped in February as employers added 273,000 jobs. The Labor Department said this morning that the unemployment rate fell to 3.5% last month, matching a 50-year low, down from 3.6% in January. The monthly job gain comes from a survey of payrolls in the second week of February. Read the full story.
Continued slide: Long-term U.S. mortgage rates have sunk to a record low, giving many homeowners an opening to refinance their loans to free up money to spend or save. The average rate on a 30-year fixed mortgage hit a record low of 3.29% this week from 3.45% last week, mortgage buyer Freddie Mac said Thursday. The decline is being driven by investors shifting money out of the stock market and into the safety of U.S. Treasurys as the coronavirus COVID-19 outbreak has deepened. Read the full story.
