AdvisorSmith Finds Industries Thriving and Shrinking During the Pandemic
To determine whether industries were thriving or shrinking, AdvisorSmith compared seasonally adjusted employment in August 2020 to industry employment in January of 2020. AdvisorSmith calculated the percentage of employment growth for each industry and ranked the industries based on their employment growth percentage.
Thriving industries were identified by examining 100 industries where employment remained level or increased during the pandemic.
The industry with the most employment growth in 2020 was children and infant clothing stores. While most retail stores closed during the beginning of lockdowns in March 2020, online shopping allowed retail stores to grow during the pandemic. With families staying and working from home, it allowed parents to spend more time with their children, leading to an overall increase in spending.
In January 2020, employment at children and infant clothes stores was 42,800 nationwide. In August 2020, the employment number grew to 56,900, a 32.9 percent employment growth rate.
The 100 shrinking industries experienced the largest decrease in employment over the same period. These industries were related to travel, dining, and entertainment. Nationwide, the U.S. economy lost around 10.5 million jobs from January to September 2020.
The industry with the largest employment decrease was motion picture and video exhibitions. Movie theaters were hit hard as many closed due to local restrictions on indoor gatherings. Many people were also concerned about going to theatres once they reopened due to sharing the same air with strangers for several hours.
In January 2020, there were 158,200 people employed at movie theatres. In August, the employment dropped to 30,700, and employment growth declined by 80.6 percent.
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