U.S. retail sales likely 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.
According to a Reuters survey of economists, retail sales probably plunged 8.0per cent last month, signalling the biggest decline since the government started tracking the series in 1992. Retail sales fell 0.5per cent in February. "March was likely a difficult month for retail sales as the country adjusted to stay-at-home and social distancing policies related to COVID-19," said Ben Ayers, a senior economist at Nationwide in Columbus, Ohio."Many car dealerships closed down operations altogether, while those that remained open have seen fewer customers than normal despite on-line activity."
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