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