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Yahoo
12 hours ago
- Business
- Yahoo
Concern grows over whether the Hollywood industry can survive in California
Los Angeles — For years, Phil Mangano made a good living as a film and television editor in Los Angeles. "It was just job after job after job," Mangano told CBS News. "…Very consistent work." But after Hollywood writers and actors went on monthslong strikes in 2023, production ground to a halt. California lost roughly 40,000 film and tv jobs that year alone, according to the U.S. Bureau of Labor Statistics. "When that finally settled, we were like, OK, great, things will come back," Mangano said. "And there has been no significant increase in job opportunities." Since its peak in 2021, television production in the greater Los Angeles area has decreased by 58%, according to the nonprofit group FilmLA, which handles film permitting for the city and county of Los Angeles. The number of shoot days for television fell from 18,560 in 2021 to 7,716 in 2024. And in the first quarter of 2025, on-location production in L.A. declined by 22.4% from the same period last year, per numbers from FilmLA. "Right now, it's a triage situation. The patient is dying and you need to bring it back to life," Matthew Belloni, who covers show business for Puck News and hosts the popular podcast "The Town," told CBS News. Belloni says Hollywood productions, and hence the jobs, have gone to other U.S. states and other countries who are willing to offer generous tax incentives. "Some European countries that are offering up to 40% back on these productions," Belloni said. "And that's incredibly influential." California Gov. Gavin Newsom wants to stop the bleeding by more than doubling the state's annual film and TV tax credits from $330 million to $750 million. "Film and film making, pre and post-production, it's on life support," Newsom told reporters earlier this month. "L.A. County and L.A. city are struggling." But is the proposal too little too late? "The sad reality is that California has sat on this issue for 30 years," Belloni said. Belloni is unsure if California can provide enough tax credits to offset the high cost of working in the state. "Other jurisdictions have done their own aggressive cuts to that bureaucracy," Belloni said. "Is California willing to do that? Don't know." In the meantime, Mangano and thousands of others in Hollywood are looking for whatever work they can find. "I applied for a job at Costco a couple months ago," said Mangano, who adds that he cannot hold out "much longer." "I have a little savings left," he adds. "We're hoping that'll float us for a few more months. And then we have to start making some hard decisions…Whether or not we can keep the house." Trump says Musk is "not really leaving" as DOGE savings lag behind projections How a toddler's brave walk into the darkness to get help inspired his family California track and field final begins with new rules for transgender athletes
Yahoo
2 days ago
- Business
- Yahoo
Washington's new cap on rent hikes set at 10% through end of 2025
(Photo by) For the rest of this year, Washington landlords are limited to rent hikes of 10% or less under a landmark new state law. House Bill 1217, signed into law this month by Gov. Bob Ferguson, restricts annual residential rent increases to 7% plus inflation, or 10%, whichever is lower. The state Department of Commerce calculated the former option as 10.8%. Since that's above the threshold, rent increases are capped at 10% through the end of 2025. The maximum allowable increase for 2026 is expected to be published in July, based on inflation data from the U.S. Bureau of Labor Statistics. The highly divisive legislation went into effect immediately after Ferguson's signature. Democrats hope the new cap provides greater predictability to tenants whose lives can be turned upside down by major rent increases. Progressives had initially pushed for a hard 7% limit, but raised it to win over moderate Democrats in the Legislature. Republicans termed the bill 'rent control' and argued it would chill development and price out small landlords. After the governor signed the new law, the Rental Housing Association of Washington said it was exploring a legal challenge. Rent hikes are no longer allowed in the first year of a tenancy under the law either. Not all rental properties are subject to the cap. New construction is not covered for its first 12 years. Public housing authorities, low-income developments, and duplexes, triplexes and fourplexes in which the owner lives in one of the units are also exempt. Notices of rent increases are now required 90 days before they go into effect, up from 60 days under previous law. Increases are capped at 5% for manufactured homes. If a landlord raises rent above the caps without an exemption, the renter must give the landlord a chance to fix the error or can terminate their lease with 20 days' notice. A tenant or the state attorney general can bring litigation to enforce compliance. The attorney general can recover up to $7,500 per violation.
Business Wire
2 days ago
- Business
- Business Wire
Primerica Household Budget Index™: Purchasing Power for Middle-Income Households Held Steady in April
DULUTH, Ga.--(BUSINESS WIRE)--The latest Primerica Household Budget Index™ (HBI™) data, a monthly economic metric that examines how inflation and wage trends impact the ability of middle-income families to afford life's everyday necessities, was 99.6% in April, unchanged from a month ago and up 1.7% from a year ago. Purchasing power held steady as the average earned income of middle-income households rose enough to offset the increase in the cost of necessity goods in April. The cost of necessity goods for middle-income households rose 0.4% in April, double the average inflation rate represented by the Consumer Price Index, which rose 0.2%. 'The fact that the costs of necessity goods bought by middle-income households rose two times faster than the overall CPI in April illustrates how volatile food and energy inflation disproportionately impacts middle-income families who have little room in their budgets for unexpected cost increases,' said Amy Crews Cutts, consulting economist at Primerica. 'The official CPI inflation measure doesn't accurately depict this critical inflation narrative to account for the impact on these families' budgets month-to-month.' For more information on the Primerica Household Budget Index™ metric, visit About the Primerica Household Budget Index™ (HBI™) The Primerica Household Budget Index™ (HBI™) data is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE ®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, auto insurance, utilities, and health care and earned income to track differences in inflation and wage growth. Primerica's HBI™ metric was created to fill an information void around the economy's impact on middle-income families. Metrics like the Consumer Price Index (CPI) measure overall inflation but don't offer a clear picture of how it impacts middle-income Americans. Middle-income households play a key role in driving consumer spending and the overall economy as they account for over 55% of the U.S. population. The purchasing power of middle-income families are a key barometer of real-time economic trends. Understanding middle-income households' purchasing power is important because it shows whether they are gaining financial ground or falling behind. The HBI™ data uses January 2019 as its baseline, with the value set to 100% at that point in time. Periodically, prior HBI™ values may be modified due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the December 2024 release of the index, the expenditure weights have been updated to the most recent (Q1 2024) data and auto insurance has been added to the group of necessity items. For more information, visit About Primerica, Inc. Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol 'PRI'. For more information, visit
Yahoo
2 days ago
- Business
- Yahoo
Primerica Household Budget Index™: Purchasing Power for Middle-Income Households Held Steady in April
DULUTH, Ga., May 30, 2025--(BUSINESS WIRE)--The latest Primerica Household Budget Index™ (HBI™) data, a monthly economic metric that examines how inflation and wage trends impact the ability of middle-income families to afford life's everyday necessities, was 99.6% in April, unchanged from a month ago and up 1.7% from a year ago. Purchasing power held steady as the average earned income of middle-income households rose enough to offset the increase in the cost of necessity goods in April. The cost of necessity goods for middle-income households rose 0.4% in April, double the average inflation rate represented by the Consumer Price Index, which rose 0.2%. "The fact that the costs of necessity goods bought by middle-income households rose two times faster than the overall CPI in April illustrates how volatile food and energy inflation disproportionately impacts middle-income families who have little room in their budgets for unexpected cost increases," said Amy Crews Cutts, consulting economist at Primerica. "The official CPI inflation measure doesn't accurately depict this critical inflation narrative to account for the impact on these families' budgets month-to-month." For more information on the Primerica Household Budget Index™ metric, visit About the Primerica Household Budget Index™ (HBI™) The Primerica Household Budget Index™ (HBI™) data is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, auto insurance, utilities, and health care and earned income to track differences in inflation and wage growth. Primerica's HBI™ metric was created to fill an information void around the economy's impact on middle-income families. Metrics like the Consumer Price Index (CPI) measure overall inflation but don't offer a clear picture of how it impacts middle-income Americans. Middle-income households play a key role in driving consumer spending and the overall economy as they account for over 55% of the U.S. population. The purchasing power of middle-income families are a key barometer of real-time economic trends. Understanding middle-income households' purchasing power is important because it shows whether they are gaining financial ground or falling behind. The HBI™ data uses January 2019 as its baseline, with the value set to 100% at that point in time. Periodically, prior HBI™ values may be modified due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the December 2024 release of the index, the expenditure weights have been updated to the most recent (Q1 2024) data and auto insurance has been added to the group of necessity items. For more information, visit About Primerica, Inc. Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI". For more information, visit View source version on Contacts Media Contact: Gana Ahn678-431-9266Email: Investor Contact: Nicole Russell470-564-6663Email: Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
More Than One-Third of Americans Are Skipping a Summer Vacation This Year — Should You?
Many Americans are putting the brakes on summer vacation this year amid a mix of troubling financial news, ranging from recession fears and stock market volatility to rising consumer prices. Trending Now: Read Next: More than one-third (38.6%) of Americans surveyed by finance app MoneyLion say they're not taking a vacation at all this summer. Similar results were unveiled in a recent survey from Deloitte, which found that 43% of travelers are not traveling this summer — up slightly from 42% in 2024. Find out below what's driving this decision and whether you should skip a summer vacation, as well. Also, if you do decide to travel, here are some ways to make summer travel more affordable. Financial concerns are driving the decision to skip summer vacation this year. According to MoneyLion, 'essentials and experiences are in — lavish trips and impulse buys, not so much.' Below are some of the survey findings in terms of what Americans are spending money on when they do open their wallets. Bills and basics: 40.2% of respondents Travel and getaways: 28.2% of respondents Food and BBQs: 21.2% of respondents When it comes to which expenses Americans plan to cut back on, below were the two leading areas. Shopping: 30.8% of respondents General spending: 27.6% of respondents Discover Next: Deciding whether you should skip summer vacation this year depends on a variety of factors, including your financial situation, job status and family size. But no matter your personal situation, you're probably seeing a rise in prices across several different categories. Overall inflation in April rose 0.2% from the previous month and 2.3% from the previous year, according to data from the U.S. Bureau of Labor Statistics. Food prices across all categories climbed 2.8% year-over-year, while shelter prices increased 4%. There is some good news for travelers, however — including lower gasoline prices. The average national price for gas was $3.174 a gallon as of May 27, according to AAA. That was slightly higher than a month earlier but well down from $3.591 the prior year. Prices in other travel categories have declined as well, according to the U.S. Travel Association. It found that average airline fares in April fell 7.9% from the previous year, while average hotel or motel prices decreased 2.4%. More From GOBankingRates 5 Types of Cars Retirees Should Stay Away From Buying How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on More Than One-Third of Americans Are Skipping a Summer Vacation This Year — Should You? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
