And the news for the economy just keeps on getting better as more will be joining the unemployment lines in the near future.
American Airlines is sending layoff warning notices to more than 11,000 employees, although a spokesman says the company expects job losses to be closer to 4,400.
The notices went out to mechanics and ground workers whose jobs will be affected as American goes through a bankruptcy restructuring.
And it is likely that there will be more layoffs in the future at American
Separately, the leader of the pilots’ union blasted the company, saying it is "paying lip service" to negotiating a contract while using the bankruptcy process to wring punitive cost-cutting concessions from pilots.
Eight other labor groups approved long-term contracts that will help AMR cut annual labor spending by about $1 billion. Pilots, however, voted overwhelmingly against the company’s last contract offer, and a federal bankruptcy judge allowed American to impose new pay and working rules on pilots.