Boeing Faces Setback as Workers Reject Contract Offer

On Wednesday, Boeing shares plummeted by over one percent after factory workers voted against a proposed contract, choosing to continue a strike that has lasted more than five weeks. The rejected offer included a substantial 35% wage increase spread over the next four years, which came as a significant setback for the new CEO, Kelly. This strike underscores ongoing frustrations surrounding pension benefits that union representatives have been advocating for. A decisive 64% of union members who voted opted against the contract, a decision that is expected to have a dire impact on Boeing's financial situation. The ongoing work stoppage at Boeing's Seattle manufacturing hub has reportedly cost the company an astonishing $100 million a day in lost revenues. As Boeing struggles, it anticipates further cash burn in the upcoming year, while their stock has already plummeted 40% year-to-date. The chaos surrounding Boeing's labor relations has not only affected the company itself but has widespread ramifications for numerous airlines reliant on their aircraft. As sentiments rise from various airline companies who are also feeling the heat, there's a collective call for an urgent resolution to the ongoing predicament.