Worker strike could cap off month of bad news for Boeing
After a string of incidents involving its planes, Boeing is now bracing for more bad news, which could involve a large part of its workforce.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
Wall Street is hoping to recover from the beating it took on Tuesday when a slump in Nvidia wiped out $279 billion in one stock alone - the biggest one-day loss for any single stock in history.
The latest economic news is doing little to push back recession fears. Job openings dropped to 7.7 million in July from 7.9 million in June. Job postings were down by 1.1 million compared to the same time last year. The news comes ahead of the all-important jobs report on Friday.
In other business headlines…the headaches for Boeing continue to mount. The aerospace giant is facing the potential strike of 32,000 workers before the month of September is out.
Employees who are part of the International Association of Machinists will see their labor agreement end on September 12. If a new deal isn’t reached, these workers who have the vital task of building Boeing airplanes could hit the company with its first walkout in 16 years. So far, negotiations aren’t going well, according to one local union official. The two sides are at odds over pay, health insurance, retirement, and paid time off.
Boeing can hardly afford a workers’ strike at a time when it's already bleeding billions of dollars and its once stellar manufacturing reputation is in tatters. Most recently, safety issues at its spacecraft unit have left NASA astronauts stranded at the International Space Station. Meanwhile at Boeing’s airplane division, its credibility took another ding after a door flew off a 737 MAX plane mid-flight in January, and that’s after 2 deadly crashes grounded Boeing’s most profitable plane from 2019 to 2020.
That’ll do it for your Daily Briefing. From the New York Stock Exchange.
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