Retail spending dropped a record 8.7% last month amid the coronavirus crisis. It's the largest monthly fall since the Commerce Department began tracking retail sales three decades ago.
Retail sales plunged a record 8.7% last month as the coronavirus pandemic shut down economic activity around the country.Retail sales plunged a record 8.7% last month as the coronavirus pandemic shut down economic activity around the country.Retail spending is in a free fall — nosediving a record 8.7% last month — as more companies continue to furlough workers as stores, and malls and restaurants remain shuttered across the country during the coronavirus pandemic.
The March drop was the largest monthly fall since the Commerce Department began tracking retail sales three decades ago. The previous record was a 3.9% drop in November 2008 during the Great Recession. Americans are still spending a fair amount on food and online deliveries, but not enough to offset the massive drops in shopping for clothes and accessories , and furniture . Spending on autos, parts and gasoline also plummeted.
Economists are warning that April might show an even bigger decline in retail spending as shutdowns continued — and in some areas didn't begin in earnest until late March.that it's temporarily furloughing 51,000 workers, including almost all part-time workers. It's retaining 82% of the chain's workforce, but many other retailers have fared worse. Macy's and other department stores have temporarily closed and furloughed millions of workers. J.C.
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