Hollywood Hit Hard as WGA and SAG Strikes Cause 17,000 Job Losses
Point 1: The ongoing strikes by the Writers Guild of America (WGA) and SAG-AFTRA are starting to have a significant impact on Hollywood’s labor pool.
According to the U.S. Bureau of Labor Statistics, the film, TV, and music industries lost 17,000 jobs last month, with the motion picture and sound recording industries experiencing the most significant decrease. The job losses are directly attributed to the strike activity.
Point 2: The strikes not only affect the striking workers but also lead to layoffs in other businesses in Hollywood.
The impact of the strikes extends beyond the striking writers and actors, resulting in layoffs at production companies, talent agencies, and other businesses that rely on the Hollywood studio system. These layoffs further contribute to the job losses in the industry.
The strikes aim to secure better employment agreements for union members, providing them with more stable income and improved safety nets. However, union leaders acknowledge the economic impact of the strikes and did not make the decision lightly.
California State Treasurer Fiona Ma has called for the studios to return to negotiations, highlighting how the strikes paralyze Hollywood and have far-reaching effects on businesses, pension fund beneficiaries, and millions of Californians.
The BLS report provides an early assessment of the job impact caused by the strikes, shedding light on the severity of the situation in Hollywood.