Boeing cuts pace of 747 jet production

U.S. aircraft manufacturing giant Boeing yesterday announced it would cut the production rate on the company's 747-8 jet program amid weaker demand in the air cargo market.

Effective in September, the company will produce one aircraft every two months. It currently builds one per month.

The news means Boeing has expanded its already reduced 747-8 production plan. Twelve plans a year were in the works starting in March, down from roughly 16 a year.

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