Hollywood loses 5,500 jobs in 3rd quarter

LOS ANGELES, Dec. 11 (UPI) -- A key economic report Thursday showed that Hollywood lost 5,500 jobs in the third quarter and little improvement is in the offing.

UCLA Anderson Forecast researchers reported despite the 8.2 percent growth rate of the U.S. economy in the quarter, the Los Angeles economy showed no significant sign of improvement. Unemployment remained at 6.9 percent and the region had a net loss of 3,700 jobs.

Senior Economist Christopher Thornberg wrote in the new Anderson Forecast the third quarter performance was a letdown after a promising second quarter.

"The short burst of employment in the motion picture and music recording industry in the second quarter reversed itself in the third quarter," said Thornberg, "not a surprise since employment in this sector is often volatile."

Thornberg said the entertainment industry could look forward to some stability.

"Still, the best counts available indicate that production in the county, both on and off lot, remains stable," he wrote, "and fears of industry simply leaving Los Angeles remain unfounded."

But Thornberg said employment would still be problematic because of changes caused by tech bust and digital piracy.