retail sales march 2020
US retail sales plunged 8.7% in March, deepest drop on record.
By Anneken Tappe and Nathaniel Meyersohn, CNN Business. That combination led to the steep drop in retail sales. Retail sales plunge a record 16.4% in April, far worse than predicted Published Fri, May 15 2020 8:30 AM EDT Updated Fri, May 15 2020 9:47 AM EDT Jeff Cox @jeff.cox.7528 @JeffCoxCNBCcom "Stricter lockdown measures, unprecedented layoffs and plummeting confidence have compounded into an extraordinary and multifaceted shock to consumer spending," economists at Oxford Economics said in a research report Wednesday.The coronavirus crisis will widen the gap between big box chains like "Traditional department stores, apparel retailers, and mom and pop shops of all types are struggling to survive, and bankruptcies will spike despite the federal assistance programs," said Kerstin Braun, president of Stenn Group, an international trade finance organization. U.S. retail sales suffered a record drop in March as mandatory business closures to control the spread of the novel coronavirus outbreak depressed demand for a range of goods, setting up consumer spending for its worst decline in decades.The Commerce Department on Wednesday said retail sales plunged 8.7% in March, the biggest decline since the government started tracking the series in 1992, after falling by a revised 0.4% in February.According to a Reuters survey of economists, retail sales were forecast to have fallen 8.0% last month.The report came as millions of Americans are thrown out of work, and strengthen economists' conviction that the economy is in deep recession. All times are ET. Sales at furniture and home furnishing stores declined 26.8%, sales at sporting goods stores fell 23.3% and electronics and appliance sales declined 15.1%.Except for grocery stores and other "essential" retailers, companies have shuttered stores and furloughed or laid off workers. States and local governments have issued "stay-at-home" or "shelter-in-place" orders affecting more than 90% of Americans to curb the spread of COVID-19, the respiratory illness caused by the virus, and abruptly stopping the country.
Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. It grew at a 1.8% pace in the fourth quarter, with the overall economy expanding at a 2.1% rate over that period.
Retail trade sales were up 16.8 percent (± 0.5 percent) from April 2020, but 1.4 percent (± 0.7 percent) below last year. Note : The Section 2 change has an effective date of July 1, 2020. Big Drop in Overall Retail Sales. It's going to be a pretty deep bottom from which to come up. Revised March 2020 estimates, based on a bigger sample of retailers, will be available May 15.) 14 Simon, the largest U.S. mall operator, closed over 200 shopping centers. Data is a real-time snapshot *Data is delayed at least 15 minutes. "Economists believe the economy entered recession in March. All rights reserved. Are Aldi and Amazon the key?These are the unexpected winners of the grocery warsGetting approved for 1 of these cards means you have excellent creditThe fastest way to pay off $10,000 in credit card debtSwitch cards and save money on interest - Start now! Economists see no respite for consumer spending in the second quarter, with estimates as low as a 41% rate of decline, despite a historic $2.3 trillion fiscal package, which made provisions for cash payments to some families and boosted unemployment benefit checks. All rights reserved. Here's what you need to knowKohl's needs to reinvent itself.
We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Section 2: Reduces Retail Sales Food For Home Consumption from three and one-half percent (3.5%) to three percent (3.0%). U.S. retail sales declined substantially in March.
"The panic buying at grocery stores cannot offset the retrenchment in spending that we will see in other categories. Find out what's happening in the world as it unfolds.US retail sales slumped 8.7% in March, their worst monthly decline on record in the data available from the Excluding autos and gas, retail sales fell by 3.1%.While retail trade fell overall, one category stood out: grocery store sales surged 26.7% in March. The National Bureau of Economic Research, the private research institute regarded as the arbiter of U.S. recessions, does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Updated 11:38 AM ET, Wed April 15, 2020. 13 At least 630,000 non-essential retail outlets closed during the pandemic. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved.
In particular, seasonally adjusted sales were 9 percent below February 2020 and 6 percent below March 2019.
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