Boeing's largest union said on Friday that talks will resume between the two sides on Oct. 7, as both seek an agreement that would put an end to a strike by around 33,000 of the planemaker's U.S. West Coast factory workers.

Boeing's union has the aerospace company over a barrel. Boeing can afford to raise wages but only at the cost of a big cut in profits.

After strikers' healthcare benefits were cut off, the president of the International Association of Machinists (IAM) and Aerospace Workers said Boeing's new leader must be 'truly involved' in reaching a settlement.

Boeing machinists remain on strike over pay and pensions, and the National Association of Manufacturers warn it will create an economic loss of $1.6 billion in less than a month.

The ongoing strike at aerospace company Boeing Co. ($BA) has done the stock no favors. Production is minimal, costs are mounting, and there is not

Boeing's (NYSE:BA) biggest union said after the aviation giant cut off the health benefits of 33,000 striking workers that new Chief Executive Kelly Ortberg should be engaged in contract negotiations that would end the work stoppage.