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Republican Recession Watch: Layoffs Increase

More good news for John McCain!

Job cuts announced by U.S. employers last month jumped 12 percent over a year ago to cap the busiest summer of downsizing in six years, according to a report released Wednesday.

The monthly job reductions slowed somewhat from July but still exceeded the year-ago figure for a seventh time in 2008, according to the report by job placement consultancy Challenger, Gray & Christmas.

Employers announced plans to reduce their work forces by 88,736 jobs in August — 14 percent fewer than the 103,312 job cuts announced in July but 12 percent more than the 79,459 recorded in August 2007.