GM to Cut 5% of Factory Jobs, Same Pace as ’04

General Motors Corp., the sixth-largest employer on the Standard & Poor’s 500 Index, will use factory employee retirements to trim its workforce 5%, the same pace as last year, Chief Executive Rick Wagoner said.

General Motors is cutting costs to improve profitability after it posted its first loss from automotive operations in six years in the third quarter.

GM shares fell 51 cents to $38.49 on the NYSE.