Posted AT 9:39 AM EST on 05/09/07
U.S. job cuts soar 85%
U.S. planned job cuts soared 85 per cent in August from July as mortgage lenders buckled, a U.S. consultancy said Wednesday.
Almost half of the month's 79,459 cuts came from financial firms, Chicago-based Challenger, Gray & Christmas, Inc. said in its monthly tally.
Cuts in the financial services sector hit a record as a barrage of mortgage and subprime lenders collapsed amid a sinking housing market.
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