Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

US retail sales plunge a record 16.4% in April, largest decline since 1922

by ASSOCIATED PRESS

BALTIMORE May 15, 2020 - 3:47 pm GMT+3
A "Memorial Day Sale" at a store in Arlington, Virginia, May 14, 2020. (AFP Photo)
A "Memorial Day Sale" at a store in Arlington, Virginia, May 14, 2020. (AFP Photo)
by ASSOCIATED PRESS May 15, 2020 3:47 pm
RECOMMENDED
The Lebanese-flagged bulk carrier Brave Commander leaves the seaport of Pivdennyi with wheat after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odessa region, Ukraine, Aug. 16, 2022. (Reuters Photo)

Ammonia pipeline blast to impact Black Sea grain deal talks: Russia

grain-deal

U.S. retail sales tumbled 16.4% from March to April as business shutdowns caused by the coronavirus outbreak kept shoppers away, threatened stores across the country and weighed down a sinking economy.

The Commerce Department’s report Friday on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months are down a crippling 21.6%.

The sharpest drops from March to April were at clothiers, electronics stores, furniture stores and restaurants. A long-standing migration of consumers toward online purchases is accelerating, with that segment posting a 8.4% monthly gain. Measured year over year, online sales surged 21.6%.

For a retail sector already reeling from the migration of consumers to online shopping and to app-based delivery services, a back-to-back free-fall in spending poses a grave risk. Department stores like Neiman Marcus and J.Crew have filed for bankruptcy protection. Hotels, restaurants and auto dealerships are in danger.

U.S. retail sales likely plummeted last month as the coronavirus paralyzed the economy, keeping away millions of shoppers and threatened the future of stores across the country.

The Commerce Department is expected to report Friday that retail purchases plunged 11.4% from March to April, according to economists surveyed by the data provider FactSet. That would be the steepest month-to-month fall since the government began keeping such records in 1992. And it would come on top of an 8.4% drop in March.

For a retail sector already reeling from the migration of consumers to online shopping and to app-based delivery services, a back-to-back free-fall in spending poses a grave risk. Department stores like Neiman Marcus and J.Crew have filed for bankruptcy protection. Hotels, restaurants and auto dealerships are in danger.

An April analysis by a group of academic economists found that a one-month closure could wipe out 31% of non-grocer retailers. A four-month closure could force 65% to close.

RECOMMENDED
The Lebanese-flagged bulk carrier Brave Commander leaves the seaport of Pivdennyi with wheat after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odessa region, Ukraine, Aug. 16, 2022. (Reuters Photo)

Ammonia pipeline blast to impact Black Sea grain deal talks: Russia

grain-deal
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    retail sector covid-19 outbreak united states us economy
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    A Colombian soldier and a dog search for plane crash survivors in Solano, Colombia, May 17, 2023. (AFP Photo)

    4 children rescued from Colombian Amazon weeks after plane crash

    Colombia
    The flag carrier saw an 11.3% annual hike in passengers on international routes, hitting 4.5 million in May. (AA Photo)

    Turkish Airlines sees record number of passengers in May

    TURKISH-AIRLINES

    Saudi Arabia's 'lollipop' oil cut surprised OPEC+ too

    oil-markets

    4 Colombian children lost in Amazon after plane crash found alive

    Colombia
    No Image
    Best of London Fashion Week 2021
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021