Boeing Strike Impact Exceeds $8 Billion

Boeing factory workers have voted to continue their strike, rejecting a contract offer with a proposed 35% wage increase over four years, due to dissatisfaction with the absence of a pension restoration. The strike, ongoing for six weeks, involves 33,000 machinists and has halted production of Boeing's key aircraft models, worsening the company's financial woes, including a reported $6 billion loss for the third quarter. The economic impact of the strike has been significant, with losses estimated at over $8 billion, affecting suppliers and the broader Seattle economy. Boeing's new CEO, Kelly Ortberg, acknowledges the company's deep-seated issues, including debt and operational failures, and the need for improved labor relations. Both the union and Boeing now face the task of renegotiating terms, as the machinists seek to regain concessions lost over the past decade. The continuation of the strike poses a risk to Boeing's financial stability, with potential credit downgrades looming.