U.S. airlines rush to staff up again

Published

4 years ago

November 25, 2021

They laid off thousands of staff when the pandemic hit – but now airlines across America are struggling to rehire

After laying off thousands of workers during the health crisis, U.S. airlines are now scrambling to staff up as a rebound leaves them short of all kinds of workers. Matt Larotonda reports.

They laid off thousands of workers during the global health crisis.

And now, airlines in the U.S. are scrambling to hire them all back again.

Travel demand is rebounding and carriers suddenly facing a shortage of all kinds of staff, not just pilots.

That’s sparked a pay battle for workers.

American Airlines subsidiary Piedmont is trying to lure pilots in with an $180,000 bonus offer.

United is offering a $5,000 signing bonus for some ground staff.

Spirit, the low-cost carrier, has raised some wages by 30%, and is helping flights attendants pay back tuition fees.

Big names like United and Delta are also poaching workers from smaller operators, where wages are lower.

But the soaring wage costs are coming just as fuel prices are jumping as well, and with airport charges on the rise too.

That has left airline profits feeling the squeeze.

Critics say the firms only have themselves to blame.

U.S. airlines made savage job cuts last year, despite getting $54 billion in federal aid to help cover payroll costs.

The cuts have left them short of workers as demand snaps back.

Staff shortages are one factor behind the recent rash of flight cancellations.

They could also stop carriers from serving less profitable routes altogether.

United has already decided to drop eight routes in the Midwest and South as a result of pilot shortages.

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Harvey Vargas

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All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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In Short:
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The Dow Jones Industrial Average increased by 569 points or 1.2% on Tuesday, reflecting investor optimism for an upcoming Federal Reserve interest rate cut. The S&P 500 and Nasdaq Composite also posted gains, up 0.8% and 0.4% respectively. This represented a recovery from earlier losses, where the S&P 500 briefly fell by 0.7%.

Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.

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Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.

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Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.

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