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Odd Lots
What the Summer of Strikes Means For The Broader Economy
Oct 30, 2023
Omair Sharif, founder of Inflation Insights, brings his expertise to discuss the ripple effects of Hollywood's summer strikes on the broader economy. He explores how labor disputes affect employment and wage disparities, revealing the financial struggles of many actors. The conversation delves into the complexities of inflation metrics and the economic influence of high-profile events, highlighting the intertwined relationship between labor actions and consumer behavior. Sharif offers insights on the future of equitable compensation amid ongoing economic challenges.
40:11
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Quick takeaways
- The recent strikes in the entertainment industry have had a noticeable impact on industry employment numbers, with job losses observed in the motion picture and video industry.
- Historically, strikes tend to follow inflationary periods and can be influenced by external factors like price shocks, but their long-term impact on inflation remains uncertain.
Deep dives
Impact of Strikes on Economic Data
The recent strikes in the entertainment industry, such as the writers and actors strikes, have started to show up in economic data. Work stoppages among writers and actors have been recorded, with an increasing number of individuals participating in strikes. However, the impact on unemployment rates has been limited. This is because many actors work part-time and have other jobs that prevent them from being counted as unemployed. Additionally, the economic impact of strikes can be seen in industry employment numbers, with job losses observed in the motion picture and video industry. Overall, the strikes have had a noticeable effect on the entertainment industry, but their exact influence on the broader economy is still unfolding.
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