It is ALWAYS sad to see jobs being lost

It doesn't just impact individuals, it impacts families and communities. I pray for those impacted by these latest job cuts. With prices of necessities steadily rising it is just sad.

source: NY Times

Continental Cuts Jobs and Grounds Jets

By MICHELINE MAYNARD
Published: June 6, 2008

Continental Airlines said Thursday that it would cut 3,000 jobs and retire 67 Boeing aircraft, becoming the latest airline to announce capacity reductions in the face of high prices for jet fuel.

Continental’s announcement came a day after United Airlines said it was discontinuing Ted, its low-fare airline, cutting 1,100 more jobs on top of previously announced cuts and retiring a total of 100 aircraft. Delta Air Lines and American Airlines have announced similar steps.

Continental’s move, which equals a 16 percent reduction in its capacity, had been rumored in industry circles on Wednesday. The details came in a message to employees from Continental’s chief executive Lawrence W. Kellner and its president, Jeffery A. Smisek.

The airline, based in Houston, said Mr. Kellner and Mr. Smisek would not accept their salaries for the rest of 2008. Continental’s shares were up 6 percent in afternoon trading.