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American Airlines plans thousands of job cuts if government aid cut

Pandemic stalled travel continues to plague US airlines with American announcing possible job cuts if federal aid stops.

Video Transcript

JULIE HYMAN: All right, let's take a look at some breaking news right now. We want to let you know American Airlines says it is cutting 19,000 employees in October. The company had said that it would be doing some cuts here if it did not get another tranche of aid from the federal government.

So again, it's going to cut 19000 employees in October when that federal aid does expire. So we are keeping an eye on all of these job cuts that have been going on from the various airlines.

They had pushed for an extension of that $25 billion in federal payroll aid to avoid some of these furloughs. But of course, the next stimulus bill has not materialized. And by the way, those American Airlines shares are down about 3%