The Economic Perspective: “Have Any Industries Escaped the Virus?”

Mary:    I’m Mary Walden with economist MW welcoming you to the economic perspective.  Today’s program asks if any industries have escaped the virus.  Mike, households and businesses continue to cope with the coronavirus.  We know the virus has impacted different aged individuals differently.  Have there also been differences among industries, particularly here in North Carolina?

 

Mike: Summary Answer

  • Definitely
  • By far the biggest loser has been the leisure and hospitality industry
  • From February to April, lost half of jobs; some rebound in May
  • Second biggest loser – personal services; lost 22% of jobs
  • Other double-digit job losers: education/health care and manufacturing
  • At other end of the spectrum, financial services lost only 3% of its jobs, government lost 3.5%, and construction 6%
  • Main reason for differences: industry with much personal contact – hospitality, personal service – ordered to close
  • Construction, financial services, gov’t considered essential
  • I’m MW

 

Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.