Boeing Announces Job Cuts Amid Strikes

Boeing has announced plans to cut 17,000 jobs, accounting for 10% of its workforce, as it faces a $5 billion loss in Q3 and delays in the 777X jet deliveries amid an ongoing strike by 33,000 U.S. West Coast workers. This decision reflects CEO Kelly Ortberg's effort to align the workforce with the company's financial reality, following a significant downturn in the manufacturing sector which has lost over 34,000 jobs in recent months. Meanwhile, the tech industry continues to experience massive layoffs, with over 130,000 job cuts reported across 457 companies in 2024 alone, including major firms like Tesla and Google. Experts warn that while layoffs may provide short-term financial relief, they can have detrimental long-term effects on employee engagement and morale, potentially taking over a year to recover. As companies embrace AI and automation, the human impact of these job cuts raises concerns about innovation and workforce stability. Overall, the current labor market is characterized by uncertainty and significant job losses across various sectors.