Survey: 90% of companies cutting costs

Nine out of 10 companies have put cost-cutting strategies in place in hopes of weathering the recession gripping the U.S. economy, according to a survey from the Chicago-based job placement consultancy Challenger, Gray & Christmas Inc. Companies say that because of creative tactics to save money they have been able to avoid making layoffs. Cost-cutting measures included cancelations of holiday parties, salary freezes, cuts in workers' hours, reductions in or the elimination of year-end bonuses and cutbacks in various perks.