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Recovery: More layoffs in the air

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Delta Air Lines announced Wednesday it would be cutting 13,000 jobs and 15 percent of its flight schedule. Delta's staff cutbacks will mean that the airline industry has laid off almost 100,000 positions in the aftermath of the September 11 terrorist attacks on New York and Washington.

After two days of gains, Wall Street suffered a setback Wednesday. The Dow Jones industrial average fell 92.58 points, as investors gave in to economic fears, negative analyst commentary and overall corporate jitters.

UPDATE:

Delta Air Lines, the nation's third-largest airline, announced plans Wednesday to cut about 13,000 employees, or about 16 percent of its staff.

The airline also will cut its flight schedule by 15 percent from its pre-terrorist attack levels, including a 50 percent drop in its Delta Express operation that primarily serves the Florida vacation market.

The airline is the last of six major carriers in the country to announce staff cuts that now approach 100,000 across the industry as a whole. The first cuts at Delta will take place November 1, and they should be completed by December 31. (Full story)

U.S. stock investors gave in Wednesday to economic fears, negative analyst commentary and overall corporate jitters, undoing some of the gains of the last two days. Analysts said the pullback was not unexpected or overly nervous, considering the circumstances.

The Nasdaq composite closed down 37.60 to 1,464.04, while the Dow Jones industrial average fell 92.58 to 8,567.39, well above its lows for the day. The S&P 500 was down 5.23 at 1,007.04. (Full story)

The Air Line Pilots Association pressed Congress Tuesday to allow pilots to carry firearms in cockpits, a move the union says could prevent hijackings. (Full story)

Comic Jerry Seinfeld hopes to raise spirits -- and money -- for the victims of the World Trade Center terrorist attacks. Seinfeld has enlisted the help of fellow comedians for a charity event, one of many that celebrities have held for victims of the September 11 tragedy. (Full story)

KEY QUESTIONS:

Will Americans resume air travel at their previous levels? Click here for more

What will happen to the World Trade Center site? Click here for more

What are the legal issues involved in compensating the victims?

What will be the long-range impact on the insurance industry?

How has the fabric of New York, Washington and the country as a whole been altered?

What measures will be taken to try to prevent a recurrence of such attacks? Click here for more

How will these measures affect the American way of life?

What effect will the attacks have on the economy?

What will be the global effect?

WHO'S WHO:

George W. Bush: U.S. president

Laura Bush: First lady of the United States, she has become more visible since the terrorist attacks, making public appearances urging parents and teachers to help reassure children that everything is being done to try to keep them safe. Click here for more

Tom Ridge: President Bush's appointee as head of the newly created Cabinet post of Office of Homeland Security, Ridge has been governor of Pennsylvania since 1995. Click here for more

Joe Albaugh:The chief of the Federal Emergency Management Agency Click here for more

Rudolph Giuliani: Mayor of New York Click here for more

Paul O'Neill: Treasury secretary

Norman Y. Mineta:Transportation secretary

Jane Garvey: FAA administrator

VICTIMS:

As New York began accepting applications for death certificates from relatives of the people reported missing in the World Trade Center attack, military officials continued to release identities of those who died in the Pentagon attack.

New York's estimate of the number of missing persons fell slightly to 6,347. Recovery workers have found 300 bodies. Of those, 232 have been identified. Those numbers don't include the 157 people aboard both planes that crashed into the towers.

The death toll in Pennsylvania is 44, and 189 at the Pentagon, including the 64 people who died on American Airlines Flight 77.

IMPACT:

The events of September 11 exposed the vulnerability of the world's greatest superpower, presenting the United States with the challenge of recovering emotionally and physically.

Several industries -- particularly the airline industry and the insurance industry -- have been hit hard by the aftermath of the terrorist attacks, and their progress will be watched closely as a guide to the overall U.S. economic and psychological recovery.



 
 
 
 



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