WASHINGTON: U.S. retail sales endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 15.3per cent last month after a surprise 3.1per cent jump in March. These so-called core retail sales correspond most closely with the consumer spending component of the gross domestic product report. "We pretty much know April was a disaster. The question is as the lockdowns ease in May and June, what segments of retail sales are going to be coming back and what are not coming back at all," said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles."All indications are the recovery is going to be slower and gradual, if we have one.
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