UPDATED with clarifications from the WGA: The ongoing Writers Guild strike is costing California’s economy $30 million a day, according to the WGA. The guild bases that figure on the Milken Institute’s estimate that the 100-day writers strike of 2007-08 cost the state’s economy an estimated $2.1 billion in lost output from the fourth quarter of 2007 through the end of 2008.
Over the 100 days of the strike, that comes to about $21 million per day, and when factoring for inflation, the guild figures it now comes to about $30 million a day.
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Earlier today, however, WGA East Vice President Lisa Takeuchi Cullen sent a message to members that incorrectly said: “Based on prior estimates, the strike could be costing about $30 million a day in lost studio output. A DAY.”
If that $30 million-a-day figure is accurate, the current strike may already might have cost the state economy over $400 million in “lost output” and could cost the state $3 billion if it lasts 100 days.
A studio source told Deadline that Cullen’s original quote and tweet was “obviously an attempt to generate a salacious headline.”
Deadline could not independently verify Cullen’s estimate, but if true, a 100-day writers strike like the one in 2007-08 could cost the companies $3 billion in “lost output.”
That strike 15 years ago cost Los Angeles County nearly that much alone. According to the late Jack Kyser, who then was chief economist of the Los Angeles County Economic Development Corporation, the previous Writer Guild work stoppage cost the county $2.5 billion in lost economic output.
“Holy shirtballs, you are some mother-forking superstars!” Cullen wrote in her message to members. “Here we are, two weeks into this strike, and the whole world knows of our struggle. My deli guy asked about it, and here in Jersey that means something. Everyone knows the WGA is striking, and why: because the studios refuse to pay us what we’re worth.”
Cullen, who is the WGA East’s VP Film, TV and Streaming, also noted that the WGA will be holding a Zoom membership meeting Thursday.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
OTTAWA – Canada’s national unemployment rate was 6.6 per cent in August. Here are the jobless rates last month by province (numbers from the previous month in brackets):
_ Newfoundland and Labrador 10.4 per cent (9.6)
_ Prince Edward Island 8.2 per cent (8.9)
_ Nova Scotia 6.7 per cent (7.0)
_ New Brunswick 6.5 per cent (7.2)
_ Quebec 5.7 per cent (5.7)
_ Ontario 7.1 per cent (6.7)
_ Manitoba 5.8 per cent (5.7)
_ Saskatchewan 5.4 per cent (5.4)
_ Alberta 7.7 per cent (7.1)
_ British Columbia 5.8 per cent (5.5)
This report by The Canadian Press was first published Sept. 6, 2024.
