Reduced Spending on Military Aircraft Spurs Decline in Aerospace Employment
The US aerospace industry employment of skilled and semiskilled production workers declined 4% in 1988, mainly because of reduced spending in military aircraft. The Aerospace Industries Association (AIA) expects another 1% decrease in the number of workers involved in military aircraft manufacture in 1989. The Pacific states account for 42% of aerospace workers. The New England states account for 14%, and the western North Central states have 11%. Wages for skilled and semiskilled aerospace workers are increasing slightly each year. The increases are due to cost of living raises, not by hikes in hourly rates. To attract workers and be competitive, virtually all major aerospace companies continually review their benefits packages and wage structures. Additional employment for the industry would be provided by: 1. the US space station, and 2. the military service procurement of additional missile systems. The number of females employed in the industry increased more than 4% between 1977 and 1987.
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Full text: [Aviation Week & Space Technology] May 29, 1989
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UAL: Inside the Fiasco of the Decade
The collapse of the $7.2-billion United Airlines (UAL) buyout loan is a story replete with errors, greed, and tarnished reputations. A consortium comprising UAL senior managers and employees and British Airways offered $300 per share for UAL, dictating the structure of the loan to the 6 New York banks that were invited to bid. There was no mezzanine layer in the financing, and the forecasts for UAL’s profits, prepared by Salomon Brothers and Lazard Freres, were wildly optimistic. Even UAL’s closest banks did not support the deal; only Citibank and Chase Manhattan were overaggressive enough to take on the loan. Then, they completely mispriced the transaction and never indicated the deal was struggling. Investors in UAL stock suffered greatly when the loan collapsed and the share price plummeted. The Japanese banks, concerned about several aspects of the deal, stayed away, only to be unfairly blamed for pushing world stock markets to the edge of collapse by not bailing out the loan.
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Lee, Peter
Full text: [Euromoney] Nov 1989
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Northwest Stocks Take a Dunking in Third Quarter
How bad was third-quarter stock activity? It was so bad that among the 109 Pacific Northwest issues tracked by The Times, only five showed gains. It was so bad that 93 stocks –85 percent — recorded double-digit percentage losses for the three months starting July 2. It was so bad that the stocks which, as a group, showed a 5 percent gain through 1990′s first six months now show an average loss of 21 percent for the year. It was so bad that Northwest stocks lost 10 percent more in the quarter than the widely watched, big-stock Dow Jones industrial average. Northwest stocks fell 24.5 percent. The Dow dropped 14.9 percent. The NASDAQ composite index, a smaller-stock group more akin to the Northwest stocks, fell 25.5 percent. (excerpt)
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Heberlein, Greg
Full text: [Seattle Times] Oct 02, 1990
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