Another Round of Job Cuts

>> Alexis Christophorus:The latest snap shot of the labor market shows the work force still faces difficult times. The private sector slashed more than a quarter million jobs this month. According to the payroll company ADP, that's less than the month before but still bad enough to raise questions about the economic recovery and that has the retail sector worried about whether consumers will be willing to open their wallets for the holidays. If they do Toys R Us will be ready. The toy chain says it's hiring about 35,000 workers for the holiday season and it's planning to open hundreds of temporary pop up stores in malls and shopping centers. As it turns out the economy shrank less than expected in the second quarter. The government revised its measure of economic output showing it contracted by just 7/10 of a percent and the stock market wrapped up its best quarter in a decade. Although for the day the blue chips were on the down side, the DOW losing nearly 30 points, the NASDAQ composite slipped just about 2. And finally the chocolate wars are heating up again and now there's an ultimatum on the table; Britain's Cadbury has already rejected a $16 billion takeover bid from Kraft foods. Now regulators are giving KRAFT just 6 weeks to make a new formal offer, if not its blocked from approaching Cadbury for 6 months. For more business headlines log onto CBSmoneywatch.com. In New York I'm Alexis Christophorus.

==== Transcribed by Automatic Sync Technologies ====