Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


US Retail Sales Plunge Record 16.4%

   VOA NEWS - Retail sales in the U.S. fell much more than expected in
   April as the coronavirus pandemic forced businesses across the country
   to close, the Commerce Department reported Friday.

   Retail sales plunged 16.4% last month, the largest drop in recorded
   history, and the latest indication the outbreak is taking its toll on
   the world's largest economy.

   Economists expected April retail sales to decline 12% over March, but
   they fell more than expected due to fewer people traveling, shopping
   and dining out.

   The steepest drops occurred at clothing and electronics stores and at
   restaurants.

   As the trend toward more online shopping and delivery services
   continues, retailers large and small are finding it increasingly
   difficult to remain in business. Department stores Neiman Marcus and
   J.Crew have filed for bankruptcy and hotels, restaurants and other
   businesses are in danger.

   The dramatic decline in retail spending is a primary reason the U.S.
   economy is shrinking. Retail purchases are a key area of all consumer
   spending, which is responsible for about 70% of U.S. economic growth.