August jobs cut by 4,000, first drop in 4yrs
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Employers cut 4,000 jobs in August, the first time in four years that monthly hiring contracted, the government said on Friday in a report certain to boost pressure on Federal Reserve policy makers to cut interest rates.
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The company said fourth-quarter net profit fell 42 percent and announced it would cut 1,000 jobs as part of a cost-cutting strategy.
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The number of Americans with jobs fell for the first time in four years in August, as Friday's closely watched government jobs report came in much weaker than Wall Street forecasts.
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U.S. employers unexpectedly cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls shrank as fading construction and manufacturing sectors reflected the economy's waning momentum.
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Aviva plans to cut 4,000 jobs in the country -- or 11 percent of its British workforce by 2008 -- and transfer 1,000 positions to India.
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Bank of America said yesterday that it would cut another 4,500 jobs in the wake of its $47bn merger with rival bank FleetBoston. The cuts amount to 2.5% of the combined group&#39;s workforce.
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Employers eliminated 4,000 jobs in August, the Labor Department said today, showing that the job market was soft even as conditions in credit markets began to deteriorate.
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The US has seen the first decline in employment since August 2003, in a fresh sign that a recession is looming.
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NEW YORK, Sept. 7 -- Bonds rose and stocks fell as payrolls turned lower in August for the first time in four years.
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U.S. employers cut 4,000 jobs in August, the first time in four years that monthly hiring contracted, the government said on Friday in a report certain to boost pressure on Federal Reserve policy makers to cut interest rates.
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The US Labor Department said Thursday first-time applications for unemployment benefits fell last week for the first time in four weeks.
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TORONTO -- Nortel Networks yesterday gave details of a previously announced job cut program, saying it is cutting 1,400 positions in the United States by next June.
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Employers cut 4,000 jobs in August,  the first time in four years that monthly hiring contracted,  the government said on Friday in a report certain to boost  pressure on Federal Reserve policy makers to cut interest  rates.
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Manufacturing output has unexpectedly fallen for the third month in a row in August and at the sharpest pace in nearly two years, official data show.
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A Labor Department report showed that the economy lost 4,000 jobs in August, the first drop in 4 years, suggesting that turmoil in the financial markets could be spreading.
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General Motors cut its fourth-quarter production schedule by 10 percent as a tightening credit market caused sales at other major automakers to decline in August.
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Stocks fell sharply on Friday, as the government announced the first monthly drop in payrolls in four years, stoking market worries about a recession.