THE ECONOMY
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U.S. Job Losses in August Rise 43%: The increase over July figures resulted from lost jobs as major banks merged, according to the Challenger Employment Report. The report published by outplacement firm Challenger, Gray & Christmas Inc. found that U.S. employers announced a total of 33,262 dismissals in August, up from July’s rate of 23,283 jobs lost. Still, dismissals announced for the year to date total 268,844, down 26% from the year-to-date figures for the year-earlier period, when 365,519 jobs were lost. Chemical Banking Corp. and Chase Manhattan Corp., upon announcing their $10-billion merger last week, said they expect to cut 12,000 jobs as they consolidate offices.
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