経費を切り詰める -reduce (cut down on, curtail, retrench) expenses
口語ではcut cornersという表現もよく使われます。
Business had cut back on workers, hours and wages. - 米国の話です。
リードの記事は、”Recession fears surged Friday after the U.S. government reported that the economy lost jobs in January for the first time in more than four years.”とありました。