UPDATE 1-Rockwell Collins cuts 1.5 pct of workers

* Cuts 300 jobs, 100 contract workers

* Cites weaker economy, Boeing strike

NEW YORK, Nov 10 (Reuters) - Rockwell Collins Inc (COL.N: Quote, Profile, Research), a leading aerospace component company, said on Monday it would cut 300 permanent jobs and 100 contract workers, or about 1.5 percent of its staff, as it deals with a slowdown in the aerospace industry.

After three years of record orders, the commercial aerospace business is facing a sharp downturn as airlines scale back operations, while spending on military jets faces an uncertain future.

Rockwell Collins said the cuts were part of its plan to deal with a weaker global economy, the effect of air travel declines, delayed government programs and the longer-than-expected 58-day strike at Boeing Co (BA.N: Quote, Profile, Research), which ended last week.

Rockwell Collins, which chiefly makes cockpit electronics for commercial and military planes, also said it would delay some pay increases for management for three months and cut some discretionary spending to save money. (Reporting by Bill Rigby; Editing by Tim Dobbyn)