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You are here News Economy Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

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Retail sales dropU.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.

The deepening economic slump was underscored by other data on Friday that showed production at industries collapsed last month at its deepest pace in 101 years. The reports, combined with a historic 20.5 million job losses in April, buttressed Federal Reserve Chair Jerome Powell’s warning on Wednesday of an “extended period” of weak growth and stagnant incomes.

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