FURLOUGHS POSSIBLE:

Southwest Airlines warned nearly 7,000 workers on Thursday that they could lose their jobs unless labor unions accept concessions to help the airline cope with a sharp drop in travel caused by the pandemic. Southwest is operating far fewer f lights, and it asked unions in October for help with “overstaffing costs” that it estimates will amount to more than $1 billion in 2021. Southwest asked for pay cuts of around 10 percent in exchange for no furloughs through next year.

30-YEAR MORTGAGE

RATE AT NEW LOW: U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy. Mortgage finance giant Freddie Mac said Thursday the average rate on the 30-year fixed-rate home loan slipped to 2.71 percent from 2.72 percent last week. By contrast, the benchmark rate stood at 3.68 percent a year ago. The average rate on 15-year fixed-rate loans declined to 2.26 percent from 2.28 percent.

CHEVRON SLASHES LONG-TERM SPENDING:

Chevron followed rival Exxon Mobil in cutting its long-term capital spending plans, responding to this year’s slump in oil and expectations that prices won’t rebound any time soon. The company said Thursday that capital and exploratory expenditure will be $14 billion to $16 billion annually from 2022 to 2025. Exxon Mobil said it will reduce capital spending, to $25 billion a year through 2025, a $10 billion reduction from an earlier, pre-pandemic target.

The Labor Department will release employment data for November, and the Commerce Department will release factory orders for October.

COMING TODAY: