US retail sales plunged 16% in April as virus froze economy

[mahatmakanejeeves]

Source: Associated Press

BUSINESS

US retail sales plunged 16% in April as virus froze economy

By JOSH BOAK Associated Press MAY 15, 2020 -- 7:40AM

BALTIMORE -- U.S. retail sales tumbled 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened stores across the country and weighed down a sinking economy.

The Commerce Department's report Friday on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months are down a crippling 21.6%.

The sharpest drops from March to April were at clothiers, electronics stores, furniture stores and restaurants. A long-standing migration of consumers toward online purchases is accelerating, with that segment posting a 8.4% monthly gain. Measured year over year, online sales surged 21.6%.

For a retail sector already reeling from the migration of consumers to online shopping and to app-based delivery services, a back-to-back free-fall in spending poses a grave risk. Department stores like Neiman Marcus and J.Crew have filed for bankruptcy protection. Hotels, restaurants and auto dealerships are in danger.

An April analysis by a group of academic economists found that a one-month closure could wipe out 31% of non-grocer retailers. A four-month closure could force 65% to close.

{snip}

Read more: https://www.startribune.com/us-retail-sales-likely-tumbled-in-april-as-virus-took-hold/570497782/

---

No one has an article yet. I'm hoping BumRushDaShow or UpInArms come to the rescue.

Breaking: Retail spending fell a record 16.4% in April, as consumers pulled back sharply on shopping and eating out due to coronavirus-related lockdowns

Link to tweet

---------

Coronavirus Lockdowns Trigger Record Spending Drops on Shopping, Eating Out

https://www.wsj.com/articles/coronavirus-lockdowns-trigger-record-spending-drops-on-shopping-eating-out-11589535000
April U.S. retail sales drop record 16.4%

By Harriet Torry
https://twitter.com/HarrietTorry

Updated May 15, 2020 8:33 am ET

Retail spending fell a record 16.4% in April, the Commerce Department reported Friday, as consumers pulled back sharply on shopping and eating out due to coronavirus-related lockdowns.

Social distancing, business closures, travel restrictions and other disruptions that started in mid-March have taken a particularly heavy toll on retail stores and restaurants, many of which remain closed or are opening gradually as states begin to reopen their economies.

...
TO READ THE FULL STORY
SUBSCRIBE SIGN IN

------

https://www.census.gov/retail/marts/www/marts_current.pdf

FOR RELEASE AT 8:30 AM EDT, FRIDAY, MAY 15, 2020
ADVANCE MONTHLY SALES FOR RETAIL AND FOOD SERVICES, APRIL 2020
Release Number: CB20-69

Statement Regarding COVID-19 Impact: Due to recent events surrounding COVID-19, many businesses are
operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored
response and data quality and determined estimates in this release meet publication standards. For more
information on the compilation of this month's report, see .

May 15, 2020 -- The U.S. Census Bureau announced the following advance estimates of U.S. retail and
food services sales for April 2020:
Advance Estimates of U.S. Retail and Food Services

Advance estimates of U.S. retail and food services sales for April 2020, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $403.9 billion, a decrease of 16.4 percent ( 0.5 percent) from the previous month, and 21.6 percent ( 0.7 percent) below April 2019. Total sales for the February 2020 through April 2020 period were down 7.7 percent ( 0.5 percent) from the same period a year ago. The February 2020 to March 2020 percent change was revised from down 8.4 percent ( 0.4 percent) to down 8.3 percent ( 0.3 percent).

Retail trade sales were down 15.1 percent ( 0.4 percent) from March 2020, and 17.8 percent ( 0.7 percent) below last year. Clothing and clothing accessories stores were down 89.3 percent ( 1.8 percent) from April 2019, while nonstore retailers were up 21.6 percent ( 1.4 percent) from last year.

Source: U.S. Census Bureau, Advanced Monthly Retail Trade Survey,
May 15, 2020
Data Inquiries Media Inquiries
Economic Indicators Division, Retail Indicator Branch Public Information Office
301-763-2713 301-763-3030
[e-mail] [e-mail]

General Information
The May 2020 Advance Monthly Retail report is scheduled for release on June 16, 2020 at 8:30 a.m. EDT.
View the full schedule in the Economic Briefing Room: . The full
text and tables of this release can be found at .
Notice of Revision: Monthly retail sales estimates were revised on April 27, 2020 based on the results

[abqtommy]

1. Now who could have seen this coming? snark off Remember this song from the 1970s?

I do...

[Bengus81]

2. Wait until this "re-opening" stunt hits 100%. When CV cases multiply

by tens of thousands and the bodies pile up then no one will go anywhere except to buy food.

[jimfields33]

3. Amazon couldn't be happier with the increase in sales

I think winners are amazon, Netflix, grocery stores in this mess.

[Bengus81]

5. Yep...love to see Kroger's numbers off of this with a 2.6% price hike

[jimfields33]

7. I would too

All grocery stores should have announce gains. Wouldn’t mind if they had to announce weeks in advance when items are going up. I bet some prices are raised after they have inventory from a previous lower price from manufacture. That way they get overhead and new raise without having to pay the higher price themselves.

[Javaman]

4. much like everyone else, My GF and I have been in isolation for 2 months.

we have been making our own meals. prior to all this, we would eat out about twice a week.

for the first time, she and I talked about ordering out. While both she and I cook and we do, if I say so myself, make tasty meals, having a break from cooking would be nice.

[mahatmakanejeeves]

6. Retail sales crater a record 16.4% in April amid coronavirus lockdowns and spending slump

Economic Report

Retail sales crater a record 16.4% in April amid coronavirus lockdowns and spending slump

Published: May 15, 2020 at 9:17 a.m. ET
By Jeffry Bartash

Plunging retail sales reflect economy falling into deep recession

The numbers: Sales at U.S. retailers sank a record 16.4% in April after coronavirus lockdowns shuttered much of the economy, cost millions of jobs and spawned an unprecedented slump in consumer spending.

Retail sales tumbled in every category except online shopping, the government said Friday. Sales also sank by a revised 8.3% in March, easily marking the worst back-to-back declines in modern American history.

Economists polled by MarketWatch expected a 12.5% plunge.



{snip}

[Politicub]

8. I have learned I don't need as many material goods as I thought

What’s most important is keeping the people I love safe. That means buying groceries and making healthy meals. It means sewing masks. And it does not include buying a new iPhone.

Apparel spending may start to rise as people get called to work. The pandemic began in winter and now it’s spring.

[sandensea]

9. Incredible. In real terms, it's down to 1999 levels - and in real PER CAPITA terms, 1978/79

Mall shoppers doing their Christmas shopping in 1979.

April 2020 retail sales (including online) were, in real per capita terms, at similar levels.