FX.co ★ 7 US industries that depend on government assistance

Food industry

Around 83% of Americans consider grocery stores to be the most affected by the COVID-19 pandemic. The vast majority of US citizens advocate for government aid to small food shops despite the fact that they have been opened throughout the entire quarantine period. Moreover, grocery store employees are at risk of coronavirus infection.

Retail sales industry

According to 76% of American residents, retail sales are another important sector of the US economy that requires financial intervention by the government. Many of such firms faced serious problems during the coronavirus pandemic. The US Bureau of Labor Statistics pointed out that some 2.1 million retail workers lost their jobs in April 2020.

Hospitality industry

At least 65% of Americans expect the US authorities to give a helping hand to the hotel industry. They believe that the government should provide financial assistance to hotels. The tourism industry recorded the largest number of layoffs during the corona crisis and the introduction of quarantine measures compared to any other sector of the economy. According to the US Bureau of Labor Statistics, employment in the hospitality industry plunged by 7.7 million in April of this year.

Aviation industry

From the point of view of experts, aviation is one of the industries that were most affected by the COVID-19 pandemic. During the crisis, travelling fell sharply and passengers began to hand over tickets and cancel trips. Many major airlines filed for bankruptcy, while others were able to stay afloat. However, they are still facing difficulties coping with current problems. In this regard, about 63% of Americans believe that the government must give financial aid to the airline industry.

Institutions of art and culture

In the United States, as well as all around the world, many institutions of culture and art were closed during the pandemic. At the same time, employees of such organizations had to take unpaid leaves or were fired. The current situation may lead to negative consequences in the future. According to preliminary estimates, 13% of museums will not open even after the crisis ends. The reason for this is a lack of funding. However, US citizens believe that cinemas, libraries, and museums will remain highly popular, while 62% of Americans support the idea of providing government assistance to institutions of culture.

Automotive industry

The automotive industry is one more sector of the US economy that was hit by the coronavirus pandemic. In the first quarter of 2020, car sales fell sharply. According to analysts, this downward trend will continue in the second quarter as well. In April of this year, the automotive industry in the United States lost 381 thousand jobs. Against this background, 60% of American residents expect the government to give financial support to this industry.

Petroleum industry

During the COVID-19 pandemic, demand for crude oil sank significantly leading to a collapse in prices. The current situation has negatively affected the activity of oil and gas companies. Presently, many of them are cutting costs, sending employees on unpaid leaves, and waiting for stabilization of the situation in the market. In this context, about 57% of Americans expect the US authorities to provide financial assistance to the petroleum industry.