Morning Business Report: American Airlines pilots vote to authorize a strike
The union representing American Airlines pilots announced that its membership has voted, overwhelmingly, in favor of authorizing a strike. Pilots want better pay and more time off. Union members are scheduled to conduct “informational picketing” on Monday at some airports. American Airlines management say they remain confident that an agreement is within reach and can be finalized quickly.
Hollywood writers are now on strike after failing to reach an agreement late last night. The Writers Guild of America says that most of its nearly 12,000 members are making less than they once did. After factoring for inflation, average WGA pay has dropped 14 percent over the last five years. The strike shouldn’t affect favorite shows for now as many productions have already been completed.
Stocks were muted Monday.
Investors are waiting for the Federal Reserve meeting, which begins today.
Treasury Secretary Janet Yellen says the U.S. may run out of money to pay debts by June 1. That deadline is much sooner than most expected. Although he says he will not negotiate, President Biden reached out to Republicans for a meeting on May 9.
The Federal Aviation Administration says it activated 169 more direct routes along the East Coast. The new routes are designed to boost safety and prevent delays during the busy summer travel season. The revised routes will also save on travel time while taking pressure off of airlines still facing staff shortages.
