US retail sales plummeted a record 8.7% in March as the coronavirus lockdown froze spending

• US retail sales fell a record 8.7% in March, the Commerce Department said Wednesday. The previous record slump was a 3.8% fall in November 2008.
• The report shows how sharply consumer spending has fallen off during the coronavirus pandemic-induced lockdown and ban of non-essential business in the US.
• The decline was led by clothing and accessories store sales, which fell 50.5% from the previous month.
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Consumers have slowed spending as the coronavirus pandemic has closed stores and led to strict social distancing guidelines across the US.

US retail sales fell a record 8.7% in March, the Commerce Department said Wednesday. The previous record slump was a 3.8% fall in November 2008.

The decline was led by clothing and accessories store sales, which fell 50.5% from the previous month. Elsewhere, furniture sales fell nearly 27%, restaurant sales fell 26.5%, and motor vehicles and parts slipped 25.6% from the previous month. Sporting goods, hobby, and book store sales fell 23.3%, while gas stations and other miscellaneous retailers also posted double-digit declines in just one month.

Food and beverage stores were one bright spot, gaining 25.6% from February, as US consumers stocked up on supplies for the coronavirus lockdown.

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The coronavirus pandemic has weighed heavily on the US economy. In just three weeks, nearly 17 million Americans have applied for unemployment insurance as layoffs persist. Strict social distancing orders have shuttered non-essential businesses across the country and kept people stuck at home.

The situation may be even worse than the March report shows, as some states shut down nonessential business later in the month, or even in early April.

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