Retail sales plunge 8.7 percent in March, biggest drop on record

[mystery-ak]

Retail sales plunge 8.7 percent in March, biggest drop on record
By Alexander Bolton - 04/15/20 08:50 AM EDT

Retail sales dove nearly nine percent last month, more than expected, and another sign that the coronavirus is taking a big toll on the U.S. economy.

A preliminary report for March from the Commerce Department showed sales drop 8.7 percent in March as consumers reigned in spending on goods ranging from cars and clothing to meals at restaurants and drinks at bars.

It’s the biggest monthly decline since the Commerce Department started keeping records in 1992 and comes on the heels of reports that nearly 17 million Americans have filed for first-time unemployment claims in recent weeks.


Wednesday’s drop was more than two times worse than the previous record drop of 3.9 percent in November 2008 at the beginning of the financial crisis.

more
https://thehill.com/policy/finance/492879-retail-sales-plunge-87-percent-in-march-biggest-drop-on-record

[Fishrrman]

8.7% is a good drop, but is to be expected, considering the circumstances.

Now, if it was 25-30%, that would raise my eyebrows...