US retail sales plunge record 16.4% in April

Washington, May 16 (SocialNews.XYZ) US retail sales plunged by a record 16.4 per cent in April amid a mounting economic fallout from the COVID-19 pandemic, according to a report from the Commerce Department.

April's plunge almost doubled the record drop set just a month earlier. Retail sales had already seen the biggest monthly decline in March since the Commerce Department started keeping records in 1992, falling by a revised 8.3 per cent, reports Xinhua nes agency.

"Due to recent events surrounding COVID-19, many businesses are operating on a limited capacity or have ceased operations completely," the Separtment said in the report on Friday.

Clothing and clothing accessories stores, in particular, were down 89.3 per cent from April 2019, while non-store retailers were up 21.6 per cent from last year.

Overall retail trade sales in April were down 15.1 per cent from the prior month, and 17.8 per cent below last year, the report showed.

Total sales for the February through April period were down 7.7 per cent from the same period a year ago.

Friday's data came a day after the Labor Department reported that nearly 3 million Americans had filed for jobless claims last week as the COVID-19 pandemic continues to sweep the nation.

So far, the eight-week total of jobless people has surpassed a staggering 36 million, indicating the mounting damage to the US labour market as widespread "stay-at-home" orders and nonessential business closures had been implemented since mid-March, before restrictions were loosened in some areas just recently.

The US House of Representatives on Friday night passed a $3 trillion coronavirus relief package, but the Democrat-proposed bill was not likely to gain approval from a Republican-held Senate.

Source: IANS