COVID-19 Shutdowns Cause Record Drop in Retail Sales
- 4 years ago
COVID-19 Shutdowns Cause
Record Drop in Retail Sales According to a new report from the United States
Commerce Department, retail sales in April 2020
plunged a devastating 16.4 percent. It is now the largest monthly drop on record,
surpassing March 2020 which previously held
the record with an 8.3 percent drop. Some individual categories were hit the
hardest, with clothing stores experiencing
a two-month decline of 89 percent. Sales at furniture
and home furnishing
stores dropped by
around 66 percent. Bars and restaurants lost
50 percent of their business. Economists believe sales will gradually
rebound in May as states begin to lift barriers
on commerce and movement. Jim O’Sullivan, TD
Securities, to ‘NYT’ Jay Sole, a retail analyst at
USB, believes people’s "willingness
to spend” has also declined
and will cause issues. Jay Sole, via 'NYT'
Record Drop in Retail Sales According to a new report from the United States
Commerce Department, retail sales in April 2020
plunged a devastating 16.4 percent. It is now the largest monthly drop on record,
surpassing March 2020 which previously held
the record with an 8.3 percent drop. Some individual categories were hit the
hardest, with clothing stores experiencing
a two-month decline of 89 percent. Sales at furniture
and home furnishing
stores dropped by
around 66 percent. Bars and restaurants lost
50 percent of their business. Economists believe sales will gradually
rebound in May as states begin to lift barriers
on commerce and movement. Jim O’Sullivan, TD
Securities, to ‘NYT’ Jay Sole, a retail analyst at
USB, believes people’s "willingness
to spend” has also declined
and will cause issues. Jay Sole, via 'NYT'