Wednesday, August 3, 2011

Jobs Cut, Economy Slows

Medical device maker Boston Scientific Corp. plans to eliminate up to 1,400 jobs worldwide during the next 2 ½ years to free money for new investments. This is the second round of cuts since last year. The company would not say how many jobs will be lost in Massachusetts. In February 2010, Boston Scientific said it would pare 1,300 jobs worldwide, but similarly did not say where.

HSBC Holdings PLC will cut around 30,000 jobs world-wide over the next two years as the bank executes its plan to it exit from some retail markets.

Job cuts surged to a 16-month high in July as 66,414 employees found themselves out of work, according to consulting firm Challenger, Gray & Christmas Inc.

U.S. manufacturing grew at its slowest pace in two years in July as new orders contracted.


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