Coronavirus Pandemic Triggers Aviation Industry Meltdown
According to Reuters, it's causing thousands of job cuts as the aviation sector waits for passengers to return to the skies.
US airlines are slashing hundreds of thousands of flights and cutting schedules by 80% or more through at least June.
Airlines are trying to convince passengers it is safe to fly again, but are actually preparing for years of lower demand.
As demand for tickets has plunged by about 95%, the industry has parked thousands of jets.
On Wednesday, Boeing announced it's cutting some production rates and eliminate about 16,000 jobs worldwide, or 10% of its workforce by year end.