Crisis in the Skies: Boeing Faces Strikes and Financial Woes

Acting Labor Secretary Julie Su flew to Seattle to mediate a machinists strike at Boeing, where thousands face layoffs. Boeing announced job cuts and financial charges amid the crisis. The delay in 777X deliveries alarms the industry, sparking fears of financial instability at the company.

On Monday, Acting U.S. Labor Secretary Julie Su traveled to Seattle to address the ongoing Boeing machinists strike and potential layoffs, amid mounting concerns from a major airline about Boeing's deepening crisis.

This marks Su's first in-person attempt to mediate the dispute, as Boeing plans to cut 17,000 jobs and shoulder $5 billion in expenses. The strike, involving about 33,000 employees, has persisted since September 13, with demands for a 40% wage increase and the return of a defined-benefit pension plan.

The aerospace giant's recent financial troubles include a delay in delivering the 777X jetliner and suspending civil 767 freighter production, with industry insiders fearing Boeing's worst crisis could jeopardize its future integrity.

(With inputs from agencies.)