The U.S. economy added 150,000 jobs in October, much less than the previous month, while the unemployment rate ticked up to 3.9%.
While some of the biggest job losses were in manufacturing due to the auto-workers strike, the entertainment industry continued to shed employees, with the loss of 5,400 motion picture and sound recording in the sector, to 428,200, according to the Bureau of Labor Statistics. The industry has lost 44,000 jobs since May, at least partly due to the strikes. The WGA approved a new contract earlier in the month, but SAG-AFTRA negotiations continue with studios.
In September, the jobs figures showed an unexpectedly robust rate of job gains, with 336,000 added. But the Bureau of Labor Statistics revised that figure downward, to 297,000. The August figures were also revised down by 62,000, to 165,000. Such changes are often made as the Bls gets more data.
The October job gains, less than expected, are also below the...
While some of the biggest job losses were in manufacturing due to the auto-workers strike, the entertainment industry continued to shed employees, with the loss of 5,400 motion picture and sound recording in the sector, to 428,200, according to the Bureau of Labor Statistics. The industry has lost 44,000 jobs since May, at least partly due to the strikes. The WGA approved a new contract earlier in the month, but SAG-AFTRA negotiations continue with studios.
In September, the jobs figures showed an unexpectedly robust rate of job gains, with 336,000 added. But the Bureau of Labor Statistics revised that figure downward, to 297,000. The August figures were also revised down by 62,000, to 165,000. Such changes are often made as the Bls gets more data.
The October job gains, less than expected, are also below the...
- 11/3/2023
- by Ted Johnson
- Deadline Film + TV
U.S. Economy Adds 187,000 Jobs In August, Entertainment Employment Continues To Decline Amid Strikes
Job growth continued to grow in August, as the U.S. economy added 187,000 jobs, but it has been at a slower rate during the summer. The unemployment rate rose to 3.8% during the month.
Jobs in movie and recording industries continued to fall, to 437,600, a loss of 16,800, as the industry grapples with writers and actors strikes. Seeking to address strikes in the industry and among hotel workers, lawmakers in California are considering a bill to make striking workers eligible to receive unemployment.
Overall, average hourly earnings rose by 8 cents, or 0.2 percent, to $33.82. The labor participation rate also increased.
The Federal Reserve’s aggressive campaign of rate hikes, designed to tame inflation, have raised concerns that it would help generate a recession. That hasn’t happened yet, leading to some hopes that the economy could be in for a soft landing as prices are kept under control.
Earlier reports for July and June also were revised downward.
Jobs in movie and recording industries continued to fall, to 437,600, a loss of 16,800, as the industry grapples with writers and actors strikes. Seeking to address strikes in the industry and among hotel workers, lawmakers in California are considering a bill to make striking workers eligible to receive unemployment.
Overall, average hourly earnings rose by 8 cents, or 0.2 percent, to $33.82. The labor participation rate also increased.
The Federal Reserve’s aggressive campaign of rate hikes, designed to tame inflation, have raised concerns that it would help generate a recession. That hasn’t happened yet, leading to some hopes that the economy could be in for a soft landing as prices are kept under control.
Earlier reports for July and June also were revised downward.
- 9/1/2023
- by Ted Johnson
- Deadline Film + TV
The U.S. economy added 517,000 jobs in January, unexpectedly high employment growth after predictions that job growth would slow as the Federal Reserve continues to raise interest rates.
The unemployment rate was 3.4, falling slightly from December.
The Bureau of Labor Statistics said that job growth was spread across industries, including leisure and hospitality, professional and business services and health care. There also was a rise in the government payroll.
The robust report belies some of the headlines of mass layoffs, particularly in the tech industry, as well as cutbacks in media.
According to the seasonally adjusted figures, jobs in movies and sound recordings were unchanged from a month earlier, at 465,900. But jobs in broadcasting and among content providers fell 2.7 to 355,900. Publishing industry employment fell 1.3 to 952,600. Telecommunications jobs fell 1.4 to 656,700.
Average hourly earnings on private payrolls rose by 10 cents to 33.03. Average hourly earnings have increased by 4.4 over the past 12 months.
“This is a breathtaking number,...
The unemployment rate was 3.4, falling slightly from December.
The Bureau of Labor Statistics said that job growth was spread across industries, including leisure and hospitality, professional and business services and health care. There also was a rise in the government payroll.
The robust report belies some of the headlines of mass layoffs, particularly in the tech industry, as well as cutbacks in media.
According to the seasonally adjusted figures, jobs in movies and sound recordings were unchanged from a month earlier, at 465,900. But jobs in broadcasting and among content providers fell 2.7 to 355,900. Publishing industry employment fell 1.3 to 952,600. Telecommunications jobs fell 1.4 to 656,700.
Average hourly earnings on private payrolls rose by 10 cents to 33.03. Average hourly earnings have increased by 4.4 over the past 12 months.
“This is a breathtaking number,...
- 2/3/2023
- by Ted Johnson
- Deadline Film + TV
The annual inflation rate dropped to 6.5 in December, raising hopes that the red hot rise in prices is easing.
The Consumer Price Index for the month was lower than the 7.1 in November. December saw the smallest increase in the index since October 2021. The drop in the rate was due to a fall in gas prices, along with airfares and used cars and trucks, according to the Bureau of Labor Statistics.
There was a rise in the cost of shelter, household furnishings, recreation and apparel.
Some economists were optimistic about the number, even as there is still a great deal of caution of declaring inflation under control. The rate is still a ways from the Federal Reserve’s general target of a 2 annual rate.
Mark Zandi, chief economist for Moodys Analytics, wrote on Twitter, “Inflation is on its back heels. Consumer price inflation for December couldn’t have been much better,...
The Consumer Price Index for the month was lower than the 7.1 in November. December saw the smallest increase in the index since October 2021. The drop in the rate was due to a fall in gas prices, along with airfares and used cars and trucks, according to the Bureau of Labor Statistics.
There was a rise in the cost of shelter, household furnishings, recreation and apparel.
Some economists were optimistic about the number, even as there is still a great deal of caution of declaring inflation under control. The rate is still a ways from the Federal Reserve’s general target of a 2 annual rate.
Mark Zandi, chief economist for Moodys Analytics, wrote on Twitter, “Inflation is on its back heels. Consumer price inflation for December couldn’t have been much better,...
- 1/12/2023
- by Ted Johnson
- Deadline Film + TV
The death watch is on for Twitter.
On Friday, BBC News reported that a message went out to all staff at the social media platform to announce that employees were being locked out of all the company’s office buildings until Monday, Nov. 21.
Reports have also been circulating of mass resignations brought about by new terms of employment brought in by Elon Musk following his 44-billion takeover of the company,
Read More: Elon Musk Shuts Down Twitter Offices As Employees Brace For Layoffs
“I think when the dust clears today, there’s probably going to be less than 2,000 people left,” a former Twitter employee told BBC News, who claimed that so many people on his team had been fired that where was “nobody left in that chain of command.
Meanwhile, another staffer said they’d quit after Musk issued a message declaring that only those who were “extremely hardcore” would be keeping their jobs.
On Friday, BBC News reported that a message went out to all staff at the social media platform to announce that employees were being locked out of all the company’s office buildings until Monday, Nov. 21.
Reports have also been circulating of mass resignations brought about by new terms of employment brought in by Elon Musk following his 44-billion takeover of the company,
Read More: Elon Musk Shuts Down Twitter Offices As Employees Brace For Layoffs
“I think when the dust clears today, there’s probably going to be less than 2,000 people left,” a former Twitter employee told BBC News, who claimed that so many people on his team had been fired that where was “nobody left in that chain of command.
Meanwhile, another staffer said they’d quit after Musk issued a message declaring that only those who were “extremely hardcore” would be keeping their jobs.
- 11/18/2022
- by Brent Furdyk
- ET Canada
Employers added 263,000 jobs in September and the unemployment rate fell to 3.5, in line with expectations that job growth would slow during the month.
Still, the pace of hiring was slightly higher than predictions.
The biggest job gains were in leisure, hospitality and health care, according to figures from the Bureau of Labor Statistics.
To tame inflation, the Federal Reserve has been trying to slow the economy by raising interest rates, moves that risk sending the U.S. into a recession.
Average hourly earnings in the private, nonfarm sector rose by 10 cents, or 0.3, to 32.36.
Employment in movies and recording industries rose slightly to 444,400, up 5,200 jobs from the previous month. Broadcasting jobs fell slightly, to 234,100, off by about 1,000 jobs. Performing arts and sports employment rose by 2,500 jobs, to 492,900.
Jason Furman, the Harvard professor who was chairman of the Council of Economic Advisers under President Barack Obama, said that the latest numbers were what “was mostly predicted.
Still, the pace of hiring was slightly higher than predictions.
The biggest job gains were in leisure, hospitality and health care, according to figures from the Bureau of Labor Statistics.
To tame inflation, the Federal Reserve has been trying to slow the economy by raising interest rates, moves that risk sending the U.S. into a recession.
Average hourly earnings in the private, nonfarm sector rose by 10 cents, or 0.3, to 32.36.
Employment in movies and recording industries rose slightly to 444,400, up 5,200 jobs from the previous month. Broadcasting jobs fell slightly, to 234,100, off by about 1,000 jobs. Performing arts and sports employment rose by 2,500 jobs, to 492,900.
Jason Furman, the Harvard professor who was chairman of the Council of Economic Advisers under President Barack Obama, said that the latest numbers were what “was mostly predicted.
- 10/7/2022
- by Ted Johnson
- Deadline Film + TV
Inflation showed signs of easing in July, due to the fall in gas prices while the cost of other categories of items remained flat.
The Consumer Price Index was unchanged during the month, and at a rate of 8.5 over the past 12 months. The latter figures was 9.1 in June.
The latest figures, from the Bureau of Labor Statistics, are welcoming news for the Federal Reserve, in the midst of an effort to curb price increases but not send the economy back into a recession.
The index tracking the price of gasoline fell 7.7. That offset some of the increases elsewhere, including the cost of food. There also were increases in medical care, motor vehicle insurance, household furnishings and operations, new vehicles and recreation. Other declines were seen in airline fares, used cars and trucks, communication and apparel.
Taking out food and energy costs, the index rose by 5.9 over the last 12 months.
“Finally...
The Consumer Price Index was unchanged during the month, and at a rate of 8.5 over the past 12 months. The latter figures was 9.1 in June.
The latest figures, from the Bureau of Labor Statistics, are welcoming news for the Federal Reserve, in the midst of an effort to curb price increases but not send the economy back into a recession.
The index tracking the price of gasoline fell 7.7. That offset some of the increases elsewhere, including the cost of food. There also were increases in medical care, motor vehicle insurance, household furnishings and operations, new vehicles and recreation. Other declines were seen in airline fares, used cars and trucks, communication and apparel.
Taking out food and energy costs, the index rose by 5.9 over the last 12 months.
“Finally...
- 8/10/2022
- by Ted Johnson
- Deadline Film + TV
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