Entertainment Stocks: When Consumers Turn PickyBy
Warm weather usually means blockbuster movies, smash hit songs, and sold-out concert tours. But this summer Americans wracked by recession are thinking hard before opening their wallets for entertainment. In the second quarter, spending on "recreation services"—a category that includes movies, sports, and concert tickets, gambling, and other services—slipped 4.5 percent, according to the Bureau of Economic Analysis. That was the largest drop since the third quarter of 2008 and followed a first quarter in which recreational spending seemed to stabilize with a decline of just 0.1 percent.
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