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CONTINENTAL EYES $500 MILLION IN LABOR COST CUTS

Continental Airlines' planned $500 million in labor cuts announced late Thursday are a necessary step, given the airline industry's current financial crunch, analysts said.

Continental said it plans to cut $500 million in payroll and benefit costs. The carrier is the last of the nation's airlines to ask its employees for wage and benefit cuts. Company spokesman Dave Messing said Continental doesn't plan any layoffs as part of the labor cost cuts.

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