US Industries Being Devastated by the Coronavirus
As the United States continues its fight against the coronavirus pandemic, the nation faces an economic crisis — 22 million Americans filed for unemployment from mid-March through mid-April. More will likely have to do so soon as the federal government’s $349 billion small business lending program ran out of money on April 16, less than two weeks after it started. Virtually every sector of the economy has been affected, but some are facing near-total shutdowns.
24/7 Wall St. reviewed industry publications and data from the Bureau of Labor Statistics to determine the U.S. industries being devastated most by the outbreak.
Many of the Americans who lost their jobs recently worked in the leisure and hospitality sector. New unemployment claims in states that rely on tourism, like Nevada, or that have a relatively high concentration of bars and restaurants, like New York, are skyrocketing. These are every state’s unemployment claims since COVID-19 shut the economy down.
Industries involving large gatherings or travel are facing near-total shutdowns, as 42 states have instituted stay-at-home orders, and certain businesses have been ordered to close. This is every state’s rules for staying at home and social distancing.