March Retail Sales Plunged 8.7% as Coronavirus Shutdowns Took Hold

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March Retail Sales Plunged 8.7% as Coronavirus Shutdowns Took Hold
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Retail sales fell 8.7% in March, the biggest drop on record, as the coronavirus prompted widespread business closures. U.S. stock futures fell more than 2%.

Retail sales, a measure of purchases at stores, at restaurants and online, decreased a seasonally adjusted 8.7% in March from a month earlier, the Commerce Department said Wednesday.

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