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UAL Announces 1000 Additional Job Cuts

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UAL Announces 1000 Additional Job Cuts

(AP Photo/David Zalubowski)

UAL, the parent company of Chicago-based United Airlines, Wednesday announced it lost $1.3 Billion dollars in the forth quarter.

United says the losses are in large part due to volatility in fuel costs. United locked in prices earlier in the year and then oil prices dropped dramatically. The airline also announced that passenger revenue dropped nearly 9 percent compared to the forth quarter of 2007.

The poor earnings report was accompanied by bad news for United employees. United says it plans to lay off 1,000 salaried and management positions in 2009. That’s on top of the 1500 jobs cuts it announced earlier in the year. Together, the layoffs will reduce salaried and management staff by about thirty percent.

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