Friday, August 02, 2002

Siemens to cut 5,000 jobs, union says FRANKFURT, Germany (August 2, 2002 9:44 a.m. EDT) - Electronics and industrial goods maker Siemens said Friday it is contemplating more staff reductions at its fixed line and mobile phone divisions, while a union official said 5,000 jobs would be cut. The telecommunications industry, to which Siemens is a major supplier of equipment, is in a worldwide slump as companies have cut spending on new equipment and services. Siemens has already embarked on a cost- cutting program at the two divisions and announced it will make 6,500 job cuts at the fixed-line division, on top of 10,000 announced last year. 2:23:07 PM  Google It!  comment  []

Weak Job Growth Puts Strength of Recovery in Question Fresh signs that the pace of economic growth is faltering emerged this morning, when the Labor Department reported that only 6,000 new jobs were created during July and that American workers spent less time on the job than in the previous month. Analysts were disquieted by the jobs report, which came a day after a survey of the nation's purchasing managers showed that conditions in the manufacturing sector softened considerably during July. 2:05:51 PM  Google It!  comment  []