Boeing ($BA) was struggling on the path to bounce back from its 737 MAX design disaster, which has been blamed for multiple crashes - but the arrival of Coronavirus on American soil has snuffed out any demand for travel, and with it, airlines' budgeting for new planes.
Boeing is back in trouble - and, the Washington-based aviation company's job postings are beginning to show a substantial decline.
Boeing hiring plunged at the end of last year, as the company struggled to right itself in the wake of a 737 MAX crash, and only recently did job postings began to re-emerge. And, again, it plunged 24% in just a few days in mid-March, as shown at the far right of our chart above.
The situation is so dire CNBC stock prognosticator Jim Cramer said this week Boeing may need to be "saved," although, it's unclear what shape a federal government bailout would take at this stage, or even if one is coming.
When Boeing hiring bounced back, it wasn't to ramp up 737 MAX production, which has encountered various snags as Boeing looks to fix flight software glitches and improve design flaws. Earlier this year, when Boeing started to post more jobs, it was at factories where it maintained Defense Department production and capabilities, instead.
More recently, in Renton - where Boeing makes the 737 MAX - job postings did resume, only to decline once again as it struggled to chart strategy amid the global Coronavirus pandemic. Rather than the lawsuits and Congressional investigations, it may prove global demand for planes thanks to the virus' outbreak, could prove most painful for Boeing. Shares are down 73% in the last year.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Further Reading:
- Travel booking sites see social mentions plummet amid Coronavirus outbreak
- Coronavirus puts cleanliness - and Clorox - center stage on social media
- United Airlines job postings tumble amid Coronavirus demand downfall
