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Boeing factory in Renton, Washington. Photo: Jason Redmond/AFP via Getty Images

Boeing will temporarily suspend production of its 737 MAX in January as it continues to grapple with the ongoing issues that caused two fatal crashes and prompted the company to ground the jet for nine months, according to the New York Times.

Why it matters: The suspension will likely hurt manufacturers and part suppliers who rely on Boeing's business. The company is the largest component of the Dow Jones Industrial Average and the nation's biggest manufacturing exporter, according to the Times.

The big picture: It’s the latest setback for Boeing as lawmakers and regulators question what the company knew about faulty technology that played a role in two crashes that killed a total of 346 people. The announcement also comes days after the Federal Aviation Administration threw cold water on Boeing’s rosy expectations of getting the 737 MAX back in service.

  • In April, the company slowed production of the jets from 52 per month to 42.
  • Boeing says it plans to reallocate employees who worked on the MAX to different projects and will look to avoid layoffs or furloughs.
  • The company is also looking for a way to avoid completely disrupting supplier relationships, and it may continue to accept parts while waiting to restart production.

Go deeper:

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.