Pittsburgh ? Facing weaker air traffic and pressure on military budgets, Boeing Co. announced plans to cut 10,000 jobs after reporting a surprise fourth-quarter loss Wednesday.

The Chicago-based company, which makes passenger, freight and military jets, became the latest blue chip company to mirror a slowdown in the world economy, as air travel wanes, airlines cut costs, and the government shifts focus to construction spending. Boeing, whose orders plunged in 2008 following three years of very strong bookings, also announced a lower-than-expected earnings forecast for this year.