Record slump in US retail sales revealed following Covid-19 shutdown
US retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by Covid-19 kept shoppers away, threatened stores across the country and weighed down a sinking economy.
The Commerce Department’s report on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months are down a crippling 21.6%.
The sharpest drops from March to April were at clothiers, electronics stores, furniture stores and restaurants.
A long-standing migration of consumers toward online purchases is accelerating, with that segment posting a 8.4% monthly gain.
Measured year over year, online sales surged 21.6%.