A wave of layoffs seems to be coming in the airline industry, with United Airlines warning employees that it may have to furlough nearly half of its U.S. workforce this fall
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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.
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