Friday, October 18, 2002

Industrial company Textron to cut 2,000 jobs Textron Inc. said Thursday it plans to cut another 2,000 jobs even as it reported third-quarter earnings that matched Wall Street forecasts. The industrial conglomerate said the new job cuts are designed to help it meet its restructuring goals and cope with a sluggish economy. They are in addition to 7,500 cuts announced previously as part of a $325 million initiative begun in October 2000 to reorganize some divisions and sell off others. The combined cuts represent 18.6 percent of Textron's work force of 51,000 workers. 11:05:41 AM  Google It!  comment  []

Trade Deficit Grew 9.7%, to Record $38.5 Billion, in August The U.S. trade deficit swelled to a record $38.5 billion in August, reflecting Americans' hearty appetite for foreign-made clothes, cars and TVs. The Commerce Department reported Friday that the trade deficit was a sizable 9.7 percent higher than the $35.1 billion trade gap reported for July. 10:41:47 AM  Google It!  comment  []