Cisco to Cut 4,000 Jobs Despite Growth

Wochit 1:00 mins

John Chambers, chief executive of Cisco Systems, called the global economy "challenging and inconsistent" and the company said it is cutting about 5 percent of its work force. Americans trimmed their overall indebtedness in the latest quarter, continuing a nearly five-year trend as mortgage balances fell further. Data from the Federal Reserve Bank of New York showed total consumer debt stood at $11.15 trillion in the second quarter, down 0.7 percent from the previous quarter. The Federal Reserve could increase the risk that the U.S. economy suffers a damaging bout of deflation if it tapers its bond buying too aggressively. St. Louis Fed President James Bullard also said that he had not yet made up his mind if next month's Fed policy meeting was too soon to opt to start scaling back purchases, from a current $85 billion monthly pace.

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