US retail sales plunge by record 8.7% in March amid shutdown

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) – U.S. retail sales plummeted 8.7% in March, a record drop as the viral outbreak closed down thousands of stores and shoppers stayed home. Sales fell sharply across many categories: Auto sales fell 25.6%, while clothing store sales collapsed, dropping 50.5%. U.S. consumer confidence has plunged and the vast majority of Americans are hunkered down at home under shelter in place orders. Grocery store sales did jump by nearly 26% as Americans hoarded food and consumer items. A category that mostly includes online sales rose 3.1%.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

Categories: Business, US & World News

Leave a Reply

Your email address will not be published. Required fields are marked *