by Mish Shedlock, The Street:
In response to the Covid pandemic and reduced orders, Boeing Announces More Job Cuts.
Boeing Co. said it is reviewing jet production levels and plans to shed another 7,000 jobs by the end of next year in response to the mounting toll on the global airline industry from a fresh global surge in coronavirus cases.
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The company expects to end next year with around 130,000 employees, having started 2020 with a workforce of 160,000, with the cuts including some layoffs.
Boeing’s sales fell 29% in the latest quarter from a year ago and the company burned through $4.8 billion in cash, further evidence of the mounting financial cost from the MAX crisis and fallout from the coronavirus pandemic.
October Cuts Coming
Airlines announced major job cuts in October if there was not another Covid package in Congress. There wasn’t.
Mass Airline Layoffs On Deck and They Will Hurt Trump
On September 30, I commented Mass Airline Layoffs On Deck and They Will Hurt Trump
American’s plan to cut 19,000 jobs will hit Arizona, North Carolina, and Pennsylvania. Spirit will cut about 1,000 jobs in Florida. United expects to furlough around 12,000 workers, even after reaching an agreement with its pilots’ union on Monday to avoid almost 4,000 job cuts. In addition, WARN filings show that there will be thousands more layoffs in these states from smaller airlines, concessionaires, airport restaurants, and other ancillary services.
That snip was courtesy of Bloomberg Mass Airline Layoffs in Swing States Would Further Imperil Trump.