General Aviation News
The CBS Evening News (3/5, story 4, 0:10, Couric) reported, "Sales of private jets are falling. General Dynamics, which makes them, said today it's cutting 1,200 jobs."
The AP (3/5, Manning) reported, "The company blamed a shrinking backlog at its Gulfstream Aerospace unit, as a drop in demand accelerated during February as the broader economic picture grew bleaker." The demand for business jets, according to the AP, has "hit a wall in recent months, as the worldwide economic downturn and the seizing up of credit markets has led to a sharp drop in demand from struggling corporations" as well as a "public relations challenge after becoming equated with corporate excess." General Dynamics "said...that the largest erosion its backlog came in large-cabin aircraft production and delivery. It now expects to work on 73 of the planes this year, down from earlier forecasts of 94. Gulfstream also said it will reduce production of its mid-size aircraft from a projected rate of 30 to 24 aircraft this year." The Wall Street Journal (3/6, B3, Benoit) and Bloomberg News (3/5, Lococo) also cover the story, while the Washington Post (3/6, D3), as well as about 100 other papers and websites, reprints the AP article.
