United Isn’t Alone. A Wave of Layoffs Could be Coming.

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Read more: Airline stocks were falling on the news. Shares of United were down 1.3% in afternoon trading on Wednesday and the NYSE Arca Airline Index was off 1.5%. The Dow Jones Industrial Average was near the flat line. The airline noted that new domestic quarantine rules are affecting operations at its Newark, N.J., hub, where the carrier operated more than 400 flights a day before the coronavirus crisis. Newark domestic bookings have slid since June 24 and are now down 84% year-over-year, compared with a 73% decline elsewhere on the airline’s network.

Payroll grants and loans of up to $50 billion under the Cares Act have thus far prevented mass layoffs in the airline industry. But the payroll grants are set to expire on Sept. 30, giving United and other airlines more flexibility to lay off or furlough workers on Oct. 1.

All covid layoffs will ultimately cause NAS and FAANG biggest declines

Sign in NYC in 2023 Apple declares bankruptcy, all stores closed for covid-19, covid-23 and covid-27. Support for iPhones discontinued.

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United, pilots union reach tentative agreements for early retirements and voluntary furloughsUnited and its pilot union have been negotiating on early retirements to help cut costs as coronavirus devastates travel demand. Didn’t the airlines get Trillion$ from the CARES act? And us general population folk got nothing... now you can’t pay your own employees? Where did the money go? airline is going to file for bankruptsy to avoid paying their part ! due to coronvirus. Yep, better fly military if you can - no one is flying in a can full of germs
Source: CNBC - 🏆 12. / 72 Read more »