Boeing Is Flying Even Lower

Not even an $88 billion backlog can cushion Boeing from the blows of a deep recession in the airline industry. Although it has had few outright cancellations, repeated requests by customers to defer deliveries have forced Boeing to announce production cutbacks for the third time this year. By Novem- ber, 1993, the company says, it will reduce production of its model 757 jets from 8.5 per month to 5. It plans to cut 767 production from 5 a month to 4. That means Boeing will have to eliminate about 2,500 jobs from its work force of 144,000.

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