To protect earnings, U.S. corporations must cut labor costs -investor

STORY: "I think it's going to be lower earnings guidance going into the end of the year here, which could put pressure on U.S. stocks," said Hahn.

There has been a steady rise in reports of job cuts, mostly in the technology and housing sectors. Still, first time jobless claims have remained locked in a tight range since plunging to more than a 53-year low of 166,000 in March.

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