CNBC's Phil LeBeau reports on news from Boeing.
The ongoing strike by the largest union representing Boeing employees has already cost the company more than $500 million after one week, and those costs are set to escalate.
In his first day at Boeing, Kelly Ortberg visited the factory floor to speak with workers on the 737 MAX program, part of the new CEO's effort to "reset" labor relations.
Boeing (BA) Chief Executive Officer (CEO) Kelly Ortberg told staffers in a memo that the airplane maker is temporarily furloughing U.S.-based employees to preserve cash, as the crippling strike by machinists continues.
Boeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday. The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.
Transportation Secretary Pete Buttigieg joins 'Squawk Box' to discuss President Biden's speech at the Economic Club in Washington today, state of the economy, possible dockworker strike at key U.S. ports, state of the Boeing strike, and more.
U.S. Transportation Secretary Pete Buttigieg on Thursday said he believes both sides want to reach an agreement in the labor dispute at Boeing in which 30,000 striking machinists have halted production of its best-selling 737 MAX and other airplanes.
CNBC's Joe Kernen reports on the latest news.
Boeing is slated to furlough thousands of employees after 30,000 workers began a strike last week. The strike halted production of key planes like the 737 MAX.
Contract talks between Boeing and its largest union stalled on Wednesday after both sides failed to reach an agreement on key issues in presence of federal mediators.
Boeing announced that in addition to a hiring freeze, it would be furloughing thousands of employees due to the ongoing machinist strike. Transcript: Conway Gittens: Here's what we're watching on TheStreet today.
After Boeing workers went on strike Friday, new CEO Kelly Ortberg announced via email that "temporary furloughs" would be necessary to keep the company afloat.