Diversified manufacturer 3M Co said on Monday it will cut 2,300 jobs in the fourth quarter and lowered its 2008 outlook due to the global economic downturn, sending its shares down as much as 7.4 percent.

3M, an economic bellwether whose products range from cellphone circuits to Post-It notes, said in a statement that it lowered its 2008 outlook to between $5.10 and $5.15 per share, excluding items, from an earlier estimate of $5.40 to $5.48.

"Some people have actually been somewhat critical of our '08 performance and the reality is we were seeing a slowing economy before it ever was officially called a slowing economy," Chief Financial Officer Pat Campbell told a gathering of investors in New York City.