Boeing to Cut 4,500 Jobs (Update)

Updated from 2:08 p.m. EST

The slowing economy has caught up with Boeing(BA Quote), which saw 2008 orders decline by 53% and now says it will cut 4,500 jobs this year.

Despite the slowdown, Boeing still has a backlog of 3,700 aircraft, so the principal question facing the aircraft maker -- and the largest U.S. exporter -- is whether the orders hold up.

"With a balanced base of customers from all regions of the world, from airlines with varied business models, and with strong orders across our product line, we are now focused on executing this strong backlog position," Scott Carson, CEO of Boeing Commercial Airplanes, said Thursday, in a prepared statement. ...