UPDATE 1-US lay-offs surge 85 pct in Aug vs July-survey 05 Sep 2007 19:59UPDATE 1-US lay-offs surge 85 pct in Aug vs July-survey 05 Sep 2007 19:59 (Adds details, background) NEW YORK, Sept 5 (Reuters) - Planned U.S. lay-offs rocketed in August as the housing slowdown and subprime mortgage debacle led to record job cuts in the financial sector, an independent report showed on Wednesday. Announced lay-offs surged 85 percent to 79,459 in August from 42,897 in July, according to Challenger, Gray & Christmas Inc, an employment consulting firm. August's job cuts were the highest since February, when they totaled 84,014. "Nearly half of the August cuts came from the financial sector, as dozens of mortgage and subprime lenders caved under the pressure of a sinking housing market," Challenger, Gray & Christmas said in a statement. Financial job cuts totaled 35,752 in August, the highest monthly total for the industry since Challenger, Gray & Christmas began tracking in 1993, the firm said. August's job cu (more...)