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        <title><![CDATA[US retail sales set another grim record amid coronavirus crisis]]></title>
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        <link>https://usagag.com/2020/05/15/us-retail-sales-set-another-grim-record-amid-coronavirus-crisis/</link>
        <lastBuildDate>Fri, 15 May 2020 15:04:23 +0000</lastBuildDate>
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            <media:title type="html">US retail sales set another grim record amid coronavirus crisis</media:title>
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        <content:encoded><![CDATA[<p>US retail sales took a <strong>record plunge</strong> for the second straight month in April as the coronavirus crisis gutted the industry, new data shows.</p><p>Sales by retail and food service merchants plummeted 16.4 percent last month to $403.9 billion, the <strong>US Department of Commerce said</strong> Friday.</p><p>That&#8217;s worse than the 12 percent drop economists predicted and almost double the revised decline of 8.3 percent for March, when the feds recorded $483.5 billion in sales.</p><p>The nosedive came as lockdowns meant to curb the coronavirus forced businesses across the country to close or scale back operations as shoppers hunkered down at home.</p><p>&#8220;Maybe consumer spending will pick up from this point as the country starts opening back up, but it has a long way to go&#8221; before purchases return to the peak reached in January, said Chris Rupkey, chief financial economist at MUFG Union Bank.</p><p>Sales tumbled in nearly every sector the feds track, with clothing and accessories retailers taking the most brutal hit. Their sales plummeted more than 78 percent to just $2.3 billion in April, the feds said.</p><p>Even food and beverage stores — which saw virus-related panic shopping in March — suffered a 13.1 percent decline to record about $70 billion in sales, though that was still better than February&#8217;s total of roughly $61 billion.</p><p>The only bright spot was an 8.4 percent jump in sales for &#8220;nonstore&#8221; retailers, which include internet merchants. E-commerce colossus Amazon has reported a surge in demand as consumers stayed indoors to avoid spreading or catching the virus.</p><p>Friday&#8217;s report was the latest sign of how the coronavirus pandemic has kneecapped the US economy. The unemployment rate surged to a <strong>record 14.7 percent</strong> in April amid massive job losses, and the nation&#8217;s gross domestic product suffered its <strong>biggest decline since the Great Recession</strong> in the first quarter.</p><p><em>With Post wires</em></p>]]></content:encoded>
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