New York (CNN Business) The US airline industry needs to shrink its labor costs by as much as 50% to survive -- and even then it's possible some carriers don't make it through the crisis, United Airlines Executive Chairman Oscar Munoz told CNN Business. In July, United Airlines warned that 36,000 employees , or nearly half of its frontline workforce, could be furloughed this fall. Prior to the pandemic, the airline industry was booming — and spending more on its workforce. Oscar Munoz, chairman of United Airlines, said the airline industry likely won't recover until there is a vaccine. He added that most major airlines have enough financial resources to withstand the crisis "certainly through next year."

Source: CNN September 01, 2020 12:11 UTC