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Retail Overtakes Oil And Gas As America’s Most Distressed Industry

Retail, apparel retailers

While it had a long run, the oil and gas industry is no longer the most distressed sector in the U.S. economy. Experts now agree that title goes to retail.

That is according to ratings agencies, analysts and lawyers, who together agreed the weight of Amazon, changing consumer behavior and shrinking revenues will lead to more retail bankruptcies this year and next, MarketWatch reports. Fitch Ratings said it expects the retail default rate to soar from 1%, where it has stayed the last 12 months, to 9% this year.

If the retail industry is looking for aid, it is unlikely to come from President Donald Trump. The president and his administration have floated the idea of a border-adjusted tax, an import tax up to 20%, which would hurt retailers, considering they rely on imports.