This past month has shown some great signs of recovery in the economy. Approximately 236,000 jobs were created this past month. Of those 236,000 jobs created, 21,000 are credited to Hollywood. The film industry had a five percent economic increase in sound jobs and motion pictures. The film industry always increases around every February but this year the industry has grown more than the usual. This shows a sign that the economy is continuing to recover. The service industry has hired 24,000 workers this past February which includes jobs in restaurants, bars, arts and entertainment. It is great to see that more jobs are being created in other industries besides construction. It will be interesting to see how the industry does as it approaches summer time and it will be interesting to see how the film industry is doing a year from now.
http://economy.money.cnn.com/2013/03/08/jobs-report-movies/?iid=H_E_News
I agree this is a good sign for the economy as more jobs are being created. However at the same time, I wonder, with a seasonal industry like the movie industry, are they creating false hopes?
ReplyDeleteI think the increase in jobs in Hollywood is mostly due to the speculation of the producers that the economy is recovering and the consumers will be willing to spend more for the cinemas this summer. However, this expectation might not happen because of the increase in payroll taxes of 2% recently, which will eventually decrease the workers' discretionary income.
ReplyDeleteNevertheless, this still shows a good sign of recovery, given that 2013 might be a tight fiscal year. The government is willing to keep the interest rate at 0% to tone down the unemployment rate, which I find very positive to the labor market.
Delete