General Motors Corp. says its new contract with the United Auto Workers will help cut its annual U.S. labor costs by $5 billion between now and 2011, but company leaders know that cost cuts alone won't make GM profitable in North America.Speaking to the Automotive Securities Analysts conference in the Detroit suburb of Dearborn, Chairman and Chief Executive Rick Wagoner and Chief Financial Officer Fritz Henderson predicted a U.S. economic slowdown in 2008, but not a recession.

GM expects $5B labor cost reduction by 2011 - Examiner.com