Boeing Announces 7,000 More Job Cuts Due to Covid Slowdown

Mish

Boeing reviews jetliner production rates as airline traffic stalls.

7,000 More Job Cuts

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.

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.

And with a new Covid outbreak nationally, more restaurants will be shuttering. 

Mish

Comments (19)
mkestrel
mkestrel

Please feel to move somewhere else that makes you happy. Trump will have another 4 years and you will spend all of it here whining

numike
numike

yes but from what I am reading here in the middle west the Boeing fighter jet production is doing fantastic

Sechel
Sechel

I"M still predicting this plane dies a premature death. Nobody wants it

Boeing’s affirmation of its plan to build 31 of its single-aisle aircraft each month by early 2022 “suggests either (1) confidence in getting customers to accept most of the 450 Maxes in inventory for delivery in 2021 or (2) willingness to take longer to pare the Max inventory,” said Cai von Rumohr, an analyst at Cowen & Co.

American Airlines told investors this month that it had deferred 18 Max deliveries for two years. Boeing reported 983 orders this year in which the customer either cancelled or may have lacked the financial soundness to complete the sale. Almost all were Max jets.

Six000mileyear
Six000mileyear

Raytheon announced yesterday during is conference call it would be laying off an additional 5000 at its Pratt-Whitney and Collins Aerospace divisions due to the continued low air traffic. The impact extends to the many machine shops in New England.


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