Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Annelise Capossela/Axios

Industries that were once expected to recover after the initial coronavirus lockdowns lifted are now unlikely to bounce back until a vaccine arrives.

Why it matters: In the absence of a widely-adopted vaccine, businesses in the entertainment, travel, restaurant and other industries are struggling to overcome consumer skepticism around indoor activities — even with new safety protocols in place.

The big picture: CEOs of battered companies caution that business prospects hinge on a vaccine.

  • And with the exception of the health care industry, the industrial sector — which includes airlines, commercial services and suppliers and manufacturing — has made the most references to a vaccine in its earnings calls over the past seven months, according to data provided to Axios by research firm Sentieo.
Entertainment
Travel and tourism
  • Tourism-reliant industries, including hotels, weren’t expected to recover quickly. But a recent announcement by Disney that it was laying off 28,000 people due to pandemic-related headwinds suggests that the sector is in crisis. 
  • Cruise lines last week extended their suspensions in response to updated guidelines from the Centers for Disease Control and Prevention. Most of the major cruise lines have shut down operations until 2021. 
  • Airlines are furloughing thousands of employees as federal aid that propped up the industry during the pandemic expires. Airlines are pushing to test before takeoff to spark confidence in travel, as Axios' Joann Mueller reports.
  • Local transit systems are struggling as they try to coax wary riders back on to subways and buses.
Food and beverage
  • While restaurants have successfully lured back customers, they are abiding by state and city guidelines for capacity caps — like other consumer-facing small businesses.
  • Bars have experienced thousands of closures across the country as research continues to show that bars are one of the fastest-spreaders of COVID-19.
Enterprise
  • Remote work has made industries that rely on enterprise businesses nearly obsolete, trickling all the way down to professional shopping services like Rent the Runway, which are racing to adapt to more people who don't need to get dressed up.
  • Garment services have been devastated by the pandemic, Axios' Felix Salmon reports. He notes that in the U.S., "many garment workers are undocumented, which rendered them ineligible for CARES Act stimulus and unemployment checks."
Recreation
  • Gyms and boutique fitness classes have begun to reopen with restrictions across the country, but many have been forced to permanently shutter due to the coronavirus.
  • Amusement parks will be forced to remain shut in California, Gov. Gavin Newsom declared last week. 
  • Temporary museum closures are becoming permanent. Sixteen percent of America’s museum directors said there’s a “high risk” they may have to close in the next year without additional funding, according to a survey by the American Alliance of Museums conducted in July.
  • And in what can only be considered dismal irony, the Smithsonian Magazine reported that COVID-19 may permanently shutter a museum dedicated to vaccine pioneer Edward Jenner. 

The bottom line: Even a vaccine won't be enough on its own. Struggling industries may not recover until the virus is completely under control.

  • And for industries that were struggling even before the pandemic hit, a vaccine will not be able to reverse the terminal decline that's been exacerbated by the pandemic.

Go deeper

Nov 29, 2020 - Health

New York City to reopen public schools with weekly testing

New York Mayor Bill de Blasio in New York on Nov. 28. Photo: Kena Betancur/AFP via Getty Images

Some New York City schools will be allowed to reopen for in-person learning as early as Dec. 7, Mayor Bill de Blasio announced Sunday.

The state of play: De Blasio said schools will no longer be forced to shutter when the city hits a 3% COVID-19 test positivity rate, but he did not specify what the new threshold will be. The school district will mandate weekly tests for 20% of children in each school, and students will not be tested before they return.

Nov 29, 2020 - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground, and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Nov 29, 2020 - Politics & Policy

Colorado governor and partner test positive for coronavirus

Colorado Gov. Jared Polis. Photo: Michael Ciaglo/Getty Images

Colorado Gov. Jared Polis (D) tweeted Saturday night that he and his partner, Marlon Reis, tested positive for COVID-19.

The big picture: He said they're both "asymptomatic, feeling well, and will continue to isolate at home." On Nov. 9, Polis extended a 30-day mask mandate to combat a rise in cases. The state has confirmed 225,283 coronavirus infections since the pandemic began. Since September, the governors of Wyoming, Nevada, Virginia and Missouri have also tested positive for the virus.