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Southwest Airlines cuts capacity, pauses hiring due to Boeing fallout
Barron’s senior writer Al Root joins ‘Barron’s Roundtable’ to discuss the latest in Boeing’s stock price and what to expect from the company in 2024.
Southwest Airlines is cutting capacity, re-optimizing flight schedules and pausing hiring in 2024 as a result of Boeing’s “continued challenges.”
Boeing told Southwest to expect the delivery of 46 Max 8s this year, down from the airplane maker’s previously expected 58, according to a regulatory filing. Southwest expected Boeing to deliver 79 Max jets in total, including some of the smaller Max 7 variants, which are not yet certified by the Federal Aviation Administration.
Southwest doesn’t expect Max 7s will be “placed into service this year based on the current certification status.”
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As a result, the company is planning to reduce capacity and change schedules primarily in the second half of the year, “which will likely result in at least a one point reduction to the company’s full year 2024 capacity plans on a year-over-year basis,” according to the filing.
A Southwest Airlines Boeing 737 Max 8 prepares for takeoff at Los Angeles International Airport on Dec. 29, 2023. (AaronP/Bauer-Griffin/GC Images / Getty Images)
Due to the reduction in capacity, the company “halted hiring classes for multiple workgroups,” which includes pilots and flight attendants.
The company expects headcount to be down on an annual basis and is projecting to incur a net loss in the first quarter of the fiscal year. However, it expects to return to profitability this month.
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This is the second major U.S. carrier whose operations were disrupted by Boeing, which is still reeling after a door plug blew out of a Max 9 jet operated by Alaska Airlines earlier this year.
A Southwest Airlines Boeing 737 Max 8 arrives at Daniel K. Inouye International Airport on Jan. 20, 2024, in Honolulu, Hawaii. (Kevin Carter / Getty Images)
Last week, United Airlines announced it was temporarily pausing pilot hiring in the coming months due to certification and manufacturing delays at Boeing. While that pause will only last through May and June, the company still plans to slow the pace of hiring in 2024.
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After the Jan. 5 incident, the FAA ramped up oversight of Boeing and its supplier Spirit AeroSystems, which included halting production expansion of the Max.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LUV | SOUTHWEST AIRLINES CO. | 28.96 | -4.81 | -14.24% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 41.73 | -1.16 | -2.70% |
Federal officials have discovered multiple cases in which Boeing and Spirit allegedly failed to comply with manufacturing quality control requirements.
In a preliminary report, the National Transportation Safety Board discovered four key bolts missing from the door plug that fell off the jet.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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