Economic heavyweight Boeing hammered by dual crises

has decided to postpone deliveries of new aircraft, while United Airlines will only take on new aircraft if it believes it can pay for them.

"Our desire to hang in with Boeing until the return of the 737 MAX has worked out poorly, both regarding the timeline for recertification and now more importantly with the impact of COVID-19 on aircraft demand," said Seth Seifman at JP Morgan, who until the pandemic was among the very few Wall Street experts advising investors not to sell their Boeing shares."They are so essential to the defense department that it is not a company that the government would drop," he said.

Not only does the group manufacture the KC-46 tanker as well as the F-18 and F-15 fighter jets, but it also is the leading American exporter with around 600 suppliers employing hundreds of thousands of people in the United States. The MAX assembly plant alone employs 12,000 people. When Boeing suspended production of the MAX in January, most economists believed that this decision would affect US growth in the first half.

The impact of the Boeing crisis on the economy"is bigger than what you would see in a hurricane," said Joel Prakken, economist at IHS Markit.

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