Hollywood Strikes Lead to 45,000 Job Losses in United States Economy Since May 2023
Learn how Hollywood strikes have impacted the US job market, resulting in 45,000 job losses since May. Get insights into ongoing negotiations and their economic implications.
The US job market did much better than expected, adding a whopping 336,000 new jobs. That's almost double what experts thought, which was around 170,000. However, there's a cloud over this good news. The strikes happening in Hollywood have made a dent in the job numbers.
New information from the Bureau of Labor Statistics tells us that jobs in the movie and sound recording industries went down by 7,000 in September. In August, they had already dropped by 17,000. This is directly connected to the strikes.
Since May, when the strikes began, these industries have lost a total of 45,000 jobs.
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Actors in Hollywood who are on strike are meeting with studios again to talk things out. The writers' strike just ended last week, and now the focus is on the actors.
SAG-AFTRA, a union representing around 160,000 people in the entertainment world, like actors and recording artists, started striking on July 14. They couldn't agree with the Alliance of Motion Picture and Television Producers (AMPTP), which talks for big studios like Warner Bros., Disney, Netflix, and others.
Similar to the writers, SAG-AFTRA is standing up for more rights concerning the use of artificial intelligence in entertainment. They're also pushing for better pay, nicer working conditions, and more money from streaming services, especially since lots of movies and shows are going straight to streaming.
The Writers Guild of America (WGA) was on strike for almost 150 days before they reached a deal with studios. They achieved a lot, like stricter rules about using artificial intelligence, making sure there's a minimum number of staff, and getting more money from streaming.
Experts think SAG-AFTRA will likely end up with a similar deal, but they want an agreement that's right for their members.
Back in 2007-2008, the writers' strike cost the economy of Los Angeles County a massive $2.5 billion. This time, it's expected to be even bigger.
Kevin Klowden, a top expert at the Milken Institute, thinks that the long writers' strike, along with the ongoing actors' strike, will end up costing the whole US economy over $5 billion. That's a lot of money!
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