Falling U.S. Manufacturing Giants

Falling U.S. Manufacturing Giants: $1.5 Trillion in Market Capitalisation, 10% Global Job Cuts

In 2020, when the "black swan" hit, the global aviation industry is suffering a rare hit in history, with companies having to take measures such as reducing flights, grounding flights and laying off workers to protect themselves or even file for bankruptcy. Boeing, the aircraft maker, had a tough time, with second-quarter revenue of $11.807 billion, down 25 per cent year-on-year, and a net loss of $2.395 billion. In addition to the 737 MAX model, the demand for medium and large passenger aircraft has fallen sharply. In the first half of the year, it delivered just 70 commercial aircraft, down 71% year-on-year and the lowest level in nearly four decades. Boeing plans to cut about 16,000 jobs, or about 10 percent of its workforce, in light of the company's severe crisis. Analysts are expected to cut another 10,000 jobs based on second-quarter data.