Economics

Boeing is freezing recruitment and drawing up plans to furlough “many” employees as the aerospace giant scrambles to curb spending after tens of thousands of its workers went out on strike.

Warning that the industrial action “jeopardizes our recovery in a significant way”, the US planemaker said it would pause most employee travel and suspend non-essential capital expenditures.

About 33,000 Boeing workers walked off the job early on Friday after voting overwhelmingly to strike for higher pay. The company’s new CEO, Kelly Ortberg had pleaded with workers not to go on strike – the first since 2008 – before the vote.