Source: NPR

In a historic collapse, retail spending in the U.S. nosedived again last month, dropping a record 16.4% as people avoided restaurants, bars, stores and malls during the coronavirus pandemic.

The devastation spread across virtually all sectors, hitting clothing and furniture stores, restaurants and gas stations.

The hoarding and panic buying at grocery stores had slowed in April compared to the previous month, with sales falling by 13.2%. Overall people have continued to fill their pantries more than they normally do and both food and and other grocery store purchases were up compared to last year.

Economists have warned that many retail stores would not make it through the pandemic, especially smaller chains and companies that had weak financial footing before the health crisis.

Full Story @ NPR