US Retail Sales: The biggest decline ever – BMO

Jennifer Lee from the Bank of Montreal recaps the US Retail Sales data, which has just been released. 

Key quotes

“U.S. retail sales plunged 8.7% in March, the biggest decline ever (data started in 1967), and sit 6.2% below a year ago.” 

“Sales of cars, furniture, and sporting goods were down over 20%, clothing sales were torn in half, restaurants and bars saw sales shattered by 26%... you get the idea.”

“Online shopping jumped 3.1%, the largest in over a year. General merchandise stores surged a record 6.4%. Health care and personal care stores jumped a record 4.3%, as consumers stocked up on medicine. Grocery stores were up over 25% as consumers rushed to stock up on the food. Interestingly, and surprisingly, core sales rose 1.7% in the month, the largest since January 2019.”

“The Empire State Manufacturing Survey took a 56.7 pt dive to a record low -78.2, which is 31.2 in ISM-adjusted terms.”