Boeing said it will reduce its workforce by about 10% amid economic fallout from the coronavirus pandemic. 

CEO Dave Calhoun said new reductions in production rates and the continued effect of COVID-19 on business is forcing the move.

"We have begun taking action to lower our number of employees by roughly 10 percent through a combination of voluntary layoffs, natural turnover and involuntary layoffs as necessary," Calhoun said in a video message to employees, according to The Hill website.

Boeing, the nation's largest aerospace company, globally employs about 160,000 workers, according to estimates.

Since the beginning of the pandemic, 26 million Americans have lost jobs and the layoffs by Boeing will put pressure on the economy.

As well, the US economy shrank 4.8% in first quarter from January through March, the biggest decline since the Great Recession.

"Please know that we will do everything we can to minimize that impact, and as we take these steps, we will be as fair and transparent as possible — and absolutely honest and respectful," said Calhoun.

As of Wednesday, more than 1 million people have been infected and nearly 60,000 have died from COVID-19, according to Johns Hopkins University in the state of Maryland.