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United will slow pilot hiring due to Boeing certification and manufacturing delays
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.
United Airlines is temporarily pausing pilot hiring in the coming months due to new aircraft certification and manufacturing delays at Boeing.
In a Thursday memo sent to pilots, Marc Champion, vice president of flight operations, and Kirk Limacher, vice president of flight operations, planning and development, said the airline will pause new hire classes in May and June. The company plans to resume those classes in July, given that “United Aviate and United Military Pilot Program participants remain a top hiring priority.”
Still, the company plans to slow the pace of hiring in 2024.
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“As you know, United has hundreds of new planes on order and while we remain on a path to be the fastest growing airline in the industry, we just won’t grow as fast as we thought we would in 2024 due to continued delays at Boeing,” Champion and Limacher said in the memo seen by FOX Business.
United Airlines airplanes proceed to a runway at Newark Liberty International Airport in Newark, New Jersey, on Jan. 27. (Gary Hershorn/Getty Images / Getty Images)
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United had contractual deliveries for 80 Max 10 planes this year, “but those aircraft aren’t even certified yet and it’s impossible to know when they will arrive,” they continued.
According to the regulatory filing, the company doesn’t expect any Max 10 deliveries this year and is unable to accurately forecast its expectations due to the delay in the plane’s certification as the FAA further investigates the Alaska Airlines Max 9 incident.
The FAA ramped up oversight of Boeing and its supplier Spirit AeroSystems, which included halting production expansion of the Max after a door plug blew out mid-flight on one of Alaska’s Max 9 jets in early January.
The agency last week found multiple cases in which Boeing and Spirit allegedly failed to comply with manufacturing quality control requirements.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 44.12 | +0.05 | +0.11% |
| BA | THE BOEING CO. | 203.03 | +2.03 | +1.01% |
United still says it’s “on track to be staffed and trained for the spring and summer seasons” since it hires in advance of its schedule needs.
A United Airlines Airbus A319 passenger plane taxis toward a gate at Denver International Airport in Denver on Aug. 25, 2016. (Robert Alexander/Getty Images / Getty Images)
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So far, the carrier has added more than 450 pilots this year. It plans to have over 800 new hires by the end of April.
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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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