Boeing Cuts Its Workforce Due To The Coronavirus Crisis
The airplane manufacturer said it will eliminate nearly 16,000 jobs. Airlines are on pace to lose about $300 billion this year and aren't likely to be buying planes anytime soon.
On a day the Commerce Department reported that the U.S. economy shrank 4.8% in the first quarter, ending a record long expansion, a company that usually represents American economic might has bad news, as well.
Boeing reported a $641 million loss for the first quarter and announced it will be cutting back airplane production and eliminating thousands of jobs.
The aerospace giant will reduce the size of its global workforce by 10%, eliminating about 16,000 jobs as the company adjusts to nearly nonexistent demand for air travel in the wake
