The company said that when retirements and other employee departures are included, its workforce will shrink to about 130,000 by the end of next year, or 30,000 fewer people than it had at the start of 2020. Just three months ago, the company figured 19,000 workers would leave.
Boeing Co. outlined the job cuts on the same day it reported a $449 million loss for the third quarter, a swing from the $1.17 billion it earned in the same period last year. The loss was not as bad as feared, however.
Revenue tumbled 29% to $14.14 billion.
Four years after he won the Midwest by vowing to revitalize the U.S. manufacturing workforce, President Donald Trump is campaigning for reelection on a job well done. The numbers tell a different story.
The president’s anti-trade agenda and a pandemic-induced recession have combined to shutter factories and accelerate trends toward automation.
(Bloomberg) — Retail behemoth Amazon.com Inc. took a big leap toward delivering goods from the sky by becoming one of only a handful of companies certified by the U.S. government to operate as a drone airline. The Federal Aviation Administration designated Amazon Prime Air an “air carrier,” the company said Monday. That allows Amazon to begin its first commercial deliveries in the U.S. under a t
Read more at: https://www.bloombergquint.com/business/amazon-s-drone-delivery-fleet-hits-milestone-with-faa-clearance
Copyright © BloombergQuint
In a speech widely anticipated on Wall Street, Fed Chair Jay Powell on Thursday unveiled a revamp of how the central bank will approach maximizing employment while keeping a lid on inflation.
At any other time, hiring at that level would be seen as a blowout gain. But after employers shed a staggering 22 million jobs in March and April, much larger increases are needed to heal the job market. The hiring of the past three months has recovered only 42% of the jobs lost to the pandemic-induced recession, according to the Labor Department’s jobs report released Friday.
And now, with much of the nation having paused or reversed plans to restore economic activity, many employers are still reluctant or unable to hire and consumers remain generally hesitant to shop, travel, or eat out. Until the health crisis is solved through a vaccine or an effective treatment, most experts say the economy will struggle to sustain any recovery.
Though the unemployment rate fell last month from 11.1% to 10.2%, that level still exceeds the highest rate during the 2008-2009 Great Recession.