Here are the biggest industry winners and losers from the first post-coronavirus retail sales report - one that saw a record spending plunge
- US retail sales fell by a record 8.7% between February and March as the coronavirus pandemic increased layoffs and kept many consumers at home.
- There were major declines in most areas of the March report with one bright spot - grocery stores saw a jump in sales as people stocked up during lockdowns.
- Here are the biggest winners and losers from the March report.
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US retail sales slumped in March, showing just how quickly spending slowed as lockdowns to curb the spread of coronavirus were put into place across the country.
The 8.7% drop in retail sales from February to March was weighed down heavily by declines in clothing and apparel, autos, furniture and home goods, and restaurants, according to the Wednesday report from the Commerce Department.
Still, some sectors of retail fared much better than others as consumers looked to stock up on quarantine essentials such as food, toilet paper, and other health and personal care items. Food and beverage stores jumped between February and March, led by solid grocery store sales.
"Today's number is one of the first 'hard data' reports on aggregate demand in March and reveals the scale of the economic damage wrought by the pandemic last month," Michael Feroli of JPMorgan wrote in a Wednesday note.
The report comes amid the coronavirus pandemic, which has hit the US economy hard. In three weeks, 17 million Americans filed for unemployment insurance benefits, a record number to have halted paychecks. At the end of March and in early April, many states went into strict lockdowns to curb the spread of COVID-19, banning non-essential businesses and encouraging consumers to shelter in place at home.
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