Afternoon Coffee: Major Oil Companies Slash More from Spending Plans, Rig Count Falls Again

The ongoing decline in oil prices has more major oil companies slashing capital spending plans. Chevron Corp. will cut 10% of its workforce, or 6,000-7,000 employees and cut spending 25% in 2016. Exxon Mobil Corp. said it cut Q3 spending 22% from last year.

The U.S. rig count also fell last week again. The number of working oil rigs in the country is now down 64% compared to October 2014.

Retailers are facing stiffer competition when it comes to finding holiday workers this season. Companies are reporting a “tightness” in the market with fewer applicants applying to holiday jobs. Some retailers are offering higher pay to entice more people to these part-time jobs.

China’s official manufacturing purchasing managers index came in at 49.8 in October, marking another month on contraction.

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