Everyone should have the aerospace industry's woes. Its biggest problem is demand so strong that neither the dominant player, Boeing Co., nor its suppliers, can keep up. So don't be surprised by data showing a drop in industry earnings, to $6.7 billion, down from a record $7.2 billion in 1996. The dip in Aerospace Industries Assn. data stems from a $1.6 billion write-off at Boeing. The industry has been on a hiring frenzy to keep up, boosting payrolls from 798,000 at the end of 1996 to 869,000 by mid-1997.

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