Jobs Slashed, Housing Strong

Jobs Slashed, Housing Strong

(CBS/AP) R.J. Reynolds tobacco will slash payrolls by 40 percent to save $1 billion by the end of 2005, CBS MarketWatch reported Wednesday.

The cuts will affect 2,600 workers.

Meanwhile, housing construction declined by 3.8 percent in August as higher mortgage rates made builders a bit cautious about breaking ground on new projects.

However, the level of building activity was still considered fairly robust.

The Commerce Department reported Wednesday that builders broke ground on 1.82 million housing units at a seasonally adjusted annual rate last month. The level of housing construction in August was lower than the 1.84 million unit pace that analysts were predicting.

More: http://www.cbsnews.com/stories/2003/09/17/national/main573687.shtml