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The U.S. economy continues to worsen on weakening numbers. Once again oil has gone up, the dollar gone down, the DOW plummeted, the markets are volatile and more jobs have been lost:
U.S. Loses 62,000 Jobs, Jobless Rate Holds at 5.5% (Update2)
July 3 (Bloomberg) — U.S. employers cut jobs in June for a sixth consecutive month as soaring fuel prices and a slowing economy forced companies to reduce costs.
Payrolls fell by 62,000, close to economists’ median forecast, after a 62,000 drop in May that was greater than initially reported, the Labor Department said today in Washington. The jobless rate remained at 5.5 percent after jumping in May by the most in two decades.
Oil hits new record above $145
Oil soars to record near $146 amid concerns over hefty drop in US stockpiles, Iran conflict
Oil prices briefly soared to a record near $146 a barrel Thursday, then eased when the European Central Bank did not signal more rate hikes and a report showed unemployment in the United States has continued to climb.
The U.S. movie box office is suffering from sluggish sales. Thus far, the $185 million dollar movie Speed Racer catastrophically flopped and The Chronicles of Narnia sequel underperformed.
Where they hoped to open with $80 million in ticket sales, the costly Narnia film instead grossed $56 million in its opening weekend, down $10 million from its predecessor.
The only film this year to cross the $200 million mark is Iron Man and it’s dominance at the box office only lasted two weeks. A glut of other indistinct films have been released to poor sales.
New ‘Narnia’ film falls short at box office
Walt Disney Co’s (DIS.N: Quote, Profile, Research) “The Chronicles of Narnia: Prince Caspian,” the second film in a series based on the “Narnia” books by C.S. Lewis, opened at No. 1 with estimated three-day sales of $56.6 million, the company said.
Industry analysts had expected an opening in the $80 million range, and certainly a figure above the $65.6 million start for the film’s 2005 predecessor, “The Lion, The Witch and the Wardrobe.”
In its second weekend, Warner Bros.’ “Speed Racer,” a disappointment, declined a steep 59% in its second frame to an estimated $7.6 million from 3,606 runs. Cume is $29.8 million in its first 10 days, according to Rentrak.
Paramount’s “Iron Man” continued to wow, becoming the first film of the year to cross the $200 million mark at the domestic box office and coming in No. 2 for the frame. Film declined just 39% in its third sesh to an estimated $31.2 million from 4,154. Cume is $222.5 million.
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