New Jersey-based car rental juggernaut Avis Budget Group announced an undisclosed number of layoffs as part of a cost-cutting effort, according to the Associated Press.

Communications VP John Barrows said the cuts are a response to a slowdown in the travel industry, which is hurting due to the economic downturn and high fuel prices. Barrows said the layoffs would only affect a “small percentage” of the two-year-old company’s 30,000 workers.

The company is also considering adjusting the size and composition of its rental car fleet and cutting compensation costs and capital spending.

Avis Budget reported a 35% drop in profits in the second quarter of 2008. Shares fell 34 cents, or 4.1%, to $7.95 Thursday.

The Avis Budget Group was created in 2006; it was formerly the vehicle rental division of Cendant, which also owns Ramada Hotels and Orbitz.com.

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