In his first day at Boeing, Kelly Ortberg visited the factory floor to speak with workers on the 737 MAX program, part of the new CEO's effort to "reset" labor relations."Boeing is going to have to raise its offer and the workers are going to have to lower their expectations,

Boeing’s CEO says the company will begin furloughing a large number of employees to save cash during a strike by union machinists.

The strike was called after the extension expired on September 5 and after workers voted down two tentative agreements brought by the United Auto Workers.

Contract talks between Boeing Co. and it’s largest union are set to continue on Wednesday after a first round overseen by a mediator left the labor side “frustrated.”

Boeing is temporarily furloughing executives and other nonunion workers to save cash during the strike by 33,000 members of the International Association of Machinists, CEO Kelly Ortberg told employees in an email Wednesday.

Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes. The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts.

The aerospace giant said it would temporarily lay off tens of thousands of employees to stem losses from a walkout by the machinists’ union.

KEY TAKEAWAYS Boeing CEO Kelly Ortberg told staffers that the airplane maker is temporarily furloughing employees based in the U.S.The furlough is aimed at preserving Boeing's cash, as the strike by machinists continues.