**Boeing-Machinists Standoff Intensifies as Contract Offer Withdrawn**
In a dramatic turn of events, Boeing has rescinded its contract proposal to 33,000 striking machinists, citing futile negotiations. The machinists, who have been on strike since mid-September, rejected the initial offer and subsequent sweetened deals, leading to a stalemate.
The strike, which has halted production of most Boeing aircraft in the Puget Sound area, is expected to cost the aerospace giant over $1 billion per month, according to S&P Global Ratings. The ratings agency has issued a negative outlook for Boeing’s credit ratings.
Boeing’s commercial aircraft unit CEO, Stephanie Pope, expressed frustration with the union’s demands, stating that they were “far in excess of what can be accepted” to remain competitive. The union, the International Association of Machinists and Aerospace Workers, countered that Boeing refused to improve wages, retirement plans, and vacation or sick leave.
As the standoff continues, both parties appear entrenched in their positions. The strike has significant implications for the aerospace industry and the broader economy. With no clear resolution in sight, the consequences of this labor dispute will likely be felt for months to come.
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