Boeing Plans to cut Thousands of Jobs in Face of Fierce Competition

Boeing is cutting jobs and they could reach as much as 10% of the company's total workforce.
Author:
Publish date:

Boeing (BA) - Get Report is cutting jobs and they could reach as much as 10% of the company's total workforce. The Seattle Times would include hundreds of executives and managers. The cuts are necessary, according to Boeing executives, because of fierce sales and pricing competition from rival Airbus. Wall Street heads into the day at the highs of the year. The Federal Reserve Chair Janet Yellen hinted that the global economy is weaker than expected and it would take its time in raising interest rates. Shares of airbag maker Takata are selling off to an all time low after Bloomberg reported the Japanese company could face about $24 billion in total costs to recall its airbag inflators in a worst case scenario. The estimate was much higher than most industry analysts had expected. ADP releases it employment survey for March today. Chicago Fed President Charles Evans speaks about the current economic conditions and monetary policy. March Chicago PMI is also reported.