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Boeing, Hit By Fourth-Quarter Loss, to Cut 10,000 Jobs

Boeing Company, the world's second-largest airplane manufacturer, will cut 10,000 jobs from its commercial airline, defense, and other company divisions, according to multiple news sources. The company today reported a loss of $56 million during the fourth quarter of 2008, a sharp contrast from the previous year's fourth quarter profit of $1.03 billion. Jim McNerney, Boeing's chair and CEO, says the jobs cuts will total more than 6 percent of the company's total work force and will be achieved through attrition, retirements, and layoffs. Factors contributing to the fourth-quarter loss include delays from a now-settled machinists' strike and production issues related to its commercial aircraft, including the 747 and the 787 Dreamliner. McNerney says the company currently has a backlog of commercial aircraft that will provide "greater flexibility than we've had in the past to accommodate our customers."

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