Money world

Summer job cuts have risen to their highest level in six years.

From May through August, employers nationwide announced they would cut 377,325 jobs, according to employment consultant Challenger, Gray & Christmas Inc.

That's nearly 30 percent more people than during the first four months of 2008. The last time U.S. companies announced this many layoffs was summer 2002 — in the wake of the 2001 recession.

Despite the summer climb, however, work force reduction plans tapered off in August from July, according to the Chicago company creditreports. The number of announced job cuts fell to 88,736 in August compared with 103,312 in July, but remained more than 12 percent higher than the same period last year, the report said.

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