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Illustration: Sarah Grillo/Axios

Federal coronavirus aid for airlines expires on Thursday with no renewal in sight, meaning massive layoffs for the industry aren't far behind.

The big picture: Airline workers aren't alone on the unemployment line. Oil companies, tire manufacturers, book publishers and insurers are among those that have announced tens of thousands of layoffs. Federal aid through the CARES Act earlier this year delayed most layoffs — until now.

  • American Airlines on Wednesday was the first to announce that it will begin furloughing 19,000 employees on Thursday.
  • United Airlines' CEO warned in a letter last month that the company could furlough up to 16,000 if aid was not renewed.
  • Spirit Airlines says it will cut 1,000 jobs in Florida, per Bloomberg.
  • Delta says it will delay potential furloughs until Nov. 1 in order to allow themselves more time to assess their finances, per NBC News.
  • Allstate Insurance is laying off 3,800 employees, about 8% of their workers, The New York Times reports.
  • Up to 9,000 Shell Oil workers are losing their jobs, according to Business Insider.
  • Fashion designer Ralph Lauren is cutting 15% of its workforce, or more than 3,700 jobs, due to coronavirus business slowdowns and store closures, the Wall Street Journal reports.
  • Defense contractor Raytheon is trimming 15,000 workers, the company announced last month.

Why it matters: The job losses ripple into other industries, such as hotels and theme parks.

  • Disney on Tuesday said it will layoff 28,000 employees, mostly in its theme parks.
  • Hotels chains including Marriott, Hyatt, Hilton and Choice have issued thousands of layoffs since the start of the pandemic.
  • More than 900 previously furloughed employees at Busch Gardens in Tampa will be laid off, per an announcement last week.
  • Over 1,800 employees at the theme parks SeaWorld Orlando, Discovery Cove and Aquatica also faced layoffs late last month, per the Tampa Bay Times.

Between the lines: There's bipartisan support — including from President Trump — for some extensions to federal airline relief efforts. But funding for the industry is wrapped up in larger stimulus talks, causing the initiative to stall, Axios' Joann Muller notes on Axios Today.

  • Travel during the holiday season could throw a lifeline to airlines, but the likelihood remains unclear.
  • "I think people will be driving to grandma's house rather than flying this year," Muller said.

The bottom line: Everyone wants a deal, they think there will be a deal, but they don't realistically think it will happen before the election, Axios' Alayna Treene says.

Go deeper:

Go deeper

Jan 13, 2021 - Economy & Business

The age of wartime CEOs

Illustration: Annelise Capossela/Axios

In the last year, Americans have worked through a deadly pandemic, social isolation, racial injustice protests, a presidential election and, now, an insurrection at the U.S. Capitol.

Why it matters: Laboring through this string of crises is exacerbating employee burnout and pushing CEOs to turn into wartime leaders.

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.