The US economy continued to struggle during the deadly Coronavirus outbreak in April, with retail sales posting their biggest drop since the government began keeping records back in 1992.
“U.S. retail sales 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,” reports CNBC.
“The Commerce Department on Wednesday said retail sales plunged 8.7% in March, the biggest decline since the government started tracking the series in 1992, after falling by a revised 0.4% in February,” adds the financial website.
The news comes as major stores including Macy’s, Best Buy, the Gap, Kohl’s, and others shut their doors to slow the spread of the Coronavirus; placing hundreds of thousands of workers on temporary leave.
President Trump confirmed Tuesday night his administration is working with all 50 Governors to gradually re-open the economy in the weeks ahead
Read the full report here.