U.S. retail sales likely 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.
FILE PHOTO: 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 U.S., May 5, 2020. REUTERS/Lucas Jackson/File Photo
Businesses around the country are reopening as states and local governments ease travel restrictions, which were imposed in mid-March to slow the spread of COVID-19, the respiratory illness caused by the virus. But establishments are operating well below capacity and there are fears a second wave of COVID-19 infections could keep consumers away from shopping malls.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, tumbled at a 7.6% annualized rate in the first quarter, the sharpest drop since the second quarter of 1980. The plunge in consumer spending occurred in the last two months of March, setting it on a sharply lower path heading into the second quarter.
Last month’s retail sales are expected to chart a similar path to March. Light motor vehicle sales likely continued their downward spiral, leading to another massive decline in receipts at car dealerships after they plunged 25.6% in March. Cheaper gasoline amid weak demand likely depressed sales further at service stations last month.
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