WASHINGTON, May 15 — US 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 Commerce Department said today...
A handful of pedestrians walk through Times Square as streets remain relatively quiet due to the continuing outbreak of the coronavirus disease in the Manhattan borough of New York, May 5, 2020. — Reuters pic
The Commerce Department said today retail sales plunged 16.4 per cent last month, the biggest decline since the government started tracking the series in 1992. Data for March was revised to show receipts at retailers falling 8.3 per cent instead of dropping 8.7 per cent as previously reported.Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 15.3 per cent last month after a surprise 3.1 per cent jump in March.
“We pretty much know April was a disaster. The question is as the lockdowns ease in May and June, what segments of retail sales are going to be coming back and what are not coming back at all,” said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles. “All indications are the recovery is going to be slower and gradual, if we have one.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump to tap ex-Glaxo exec, US general for coronavirus vaccine effort | Malay MailWASHINGTON, May 14 — President Donald Trump is expected to tap a former GlaxoSmithKline executive and a US general to spearhead the government's effort at developing a coronavirus vaccine on an accelerated schedule, officially called “Operation Warp Speed,” an administration official said...
Read more »
US retail sales plunge 16.4% in April amid virus closures | The Malaysian InsightUS retail sales plunge 16.4% in April amid virus closures
Read more »
US industrial output plunges 11.2% in April amid pandemicThe auto sector took the biggest hit, plunging more than 70%. FMTNews US
Read more »
Tesla, county reach deal to allow automaker to reopen US plant next week | Malay MailFREMONT (California), May 13 — Tesla Inc and officials in California have resolved their acrimonious clash over safety procedures at the automaker’s sole US assembly plant with a deal that allows production to resume as early as Monday, county officials said. The county said the automaker could...
Read more »
US moves to cut Huawei off from global chip suppliers | Malay MailWASHINGTON, May 15 — The Trump administration today moved to block shipments of semiconductors to Huawei Technologies from global chipmakers, in an action ramping up tensions with China. The US Commerce Department said it was amending an export rule to “strategically target Huawei’s...
Read more »