With rising fuel prices and slowing economy, General Motors (GM) said Monday it will cut production shifts at 4 sport utility vehicle factories, in a move that will result in 3500 job cuts.

Members noted that, while the likelihood of a sharp rise in US interest rates appeared to have lessened, high oil prices had continued to contribute to volatility in financial markets.

Paul Ballew, General Motors Corp. 's top sales analyst, explained sluggish industry sales earlier this month by citing in part high fuel prices, which he called 'effectively a tax on U. S. households.