Friday, May 15, 2020

Retail Sales Fall to Record Low for Month of April; COVID-19 Hinders Clothing, Restaurant, Gas Sales

Retail spending in the U.S. nosedived again last month, dropping a record 16.4% as people avoided restaurants, bars, stores, and malls dung the coronavirus pandemic, the NPR website reports today (May 15, 2020).

The devastation spread across all sectors, hitting clothing and furniture stores, restaurants, and gas stations.

April's plunge nearly doubled the record drop of 8.3% set just a month earlier.

Retail sales are a part of the economy, which has been battered by the lockdowns across the country, leading to tens of millions of layoffs.

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