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HOUSTON — Continental Airlines became the latest carrier to announce cutbacks, saying Thursday it will shed 3,000 jobs — more than 6 percent of its workforce — and reduce capacity by 11 percent this fall. The company said its top two executives will forgo pay the rest of this year.
Continental, which recently raised fares because of fuel costs, estimates it will spend $2.3 billion more on fuel this year than last — a difference of $50,000 per employee. Fuel has surpassed labor as Continental’s biggest expense.
The airline expects most of the 3,000 cuts will be handled through voluntary buyouts.
