Category Archives for "Money"

Deeper job cuts at Boeing as pandemic throttles air travel

Deeper job cuts at Boeing as pandemic throttles air travel 1Boeing said Wednesday that it will cut 7,000 more jobs as it continues to bleed money during a pandemic that has smothered demand for new airline planes.

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.

Source: Deeper job cuts at Boeing as pandemic throttles air travel

Trump hails ‘manufacturing miracle’ as factories bleed jobs – POLITICO

Trump hails ‘manufacturing miracle’ as factories bleed jobs - POLITICO 2

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.

Source: Trump hails ‘manufacturing miracle’ as factories bleed jobs – POLITICO

Amazon’s Drone Delivery Fleet Hits Milestone With FAA Clearance

Amazon’s Drone Delivery Fleet Hits Milestone With FAA Clearance 3Amazon’s Drone Delivery Fleet Hits Milestone With FAA Clearance.

(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

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Source: Amazon’s Drone Delivery Fleet Hits Milestone With FAA Clearance

The Finance 202: Fed, in major shift, announces it will prioritize getting people back to work – The Washington Post

The Finance 202: Fed, in major shift, announces it will prioritize getting people back to work - The Washington Post 4The Federal Reserve just declared there is no such thing as too much employment. What that means in practical terms for monetary policy is less clear.

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.

Source: The Finance 202: Fed, in major shift, announces it will prioritize getting people back to work – The Washington Post

US adds 1.8 million jobs in a sign that hiring has weakened

US adds 1.8 million jobs in a sign that hiring has weakened 5WASHINGTON (AP) — The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus is weakening hiring and the economic rebound.

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.

Source: US adds 1.8 million jobs in a sign that hiring has weakened

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