Boeing machinists reject new labor contract, extending strike

Boeing machinists rejected a new labor deal that included 35% wage increases over four years, extending a strike that has halted most of the company’s aircraft production. The rejection is a setback for Boeing, which reported a $6 billion quarterly loss and warned of continued cash burn through 2025. The strike is costing the company about $1 billion a month. The machinists are seeking higher pay due to living cost increases and the loss of their pension plan. The union will push to go back to the negotiating table. The strike is also impacting the aerospace supply chain, with Spirit AeroSystems temporarily furloughing workers.