AMC shares surged after Taylor Swift announced her widely popular Eras tour will be heading to theaters this fall.
Kevin Klowden, chief global strategist at the Milken Institute, estimated the current strikes will soon cost the national economy $5 billion-plus, upwardly revising his previous estimate of $4 billion.
"The main thing we're really factoring into it is the lost wages," Klowden told Yahoo Finance Live in an interview on Tuesday.Amazon's "A League of Their Own,"Taylor Swift performs during"The Eras Tour," Friday, May 5, 2023, at Nissan Stadium in Nashville, Tenn. Amid the ongoing strikes, there were still quite a few positives within the entertainment industry this summer as Taylor Swift, fellow performer Beyonce, and the box office success of "Barbenheimer"Combined, the concerts and blockbuster films are expected to add $8.5 billion to US growth in the current quarter, according to a new note from Morgan Stanley released on Wednesday.
"Consumer spending in 3Q23 is benefitting from large one-offs in consumer spending on 'Barbenheimer,' Taylor Swift's 'The Eras' tour, and Beyoncé's 'Renaissance' tour," Morgan Stanley economist Sarah Wolfe wrote. Still, the analyst warned the lack of those "one-off" events could have the opposite effect on the economy in the back half of the year: "The unwinding of these events, combined with the expiration of the student loan moratorium equal 1.4% downside to real [Personal Consumption Expenditures] in 4Q23."As Swift's shows in North America come to a close, perhaps the theatrical release of the Eras Tour will lead to an additional boost.
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