COVID-19 Shutdowns Cause Record Drop in Retail Sales According to a new report from the United States Commerce Department, retail sales in April 2020 plunged a devastating 16.4 percent. It is now the largest monthly drop on record, surpassing March 2020 which previously held the record with an 8.3 percent drop. Some individual categories were hit the hardest, with clothing stores experiencing a two-month decline of 89 percent. Sales at furniture and home furnishing stores dropped by around 66 percent. Bars and restaurants lost 50 percent of their business. Economists believe sales will gradually rebound in May as states begin to lift barriers on commerce and movement. Jim O’Sullivan, TD Securities, to ‘NYT’ Jay Sole, a retail analyst at USB, believes people’s "willingness to spend” has also declined and will cause issues. Jay Sole, via 'NYT'
