U.S. retail sales tumbled 8.7 percent in March, the largest monthly drop ever

U.S. retail sales plunged 8.7 percent in March compared to February, the U.S. Census Bureau reported on April 15.

It was the largest monthly decline ever as widespread, mandated business closures amid the coronavirus pandemic severely damaged consumer spending. Economists had forecast an 8 percent month-over-month decline in retail sales, according to Reuters.

National retail sales fell 6.2 percent in March when compared to the year-ago period.

Huge gains in consumer spending at grocery stores, pharmacies, and online retailers were not enough to overcome the damage done to the rest of the retail sector with so many bricks and mortar stores closed and consumers out of jobs across America.

U.S. retail sales plunged 8.7 percent in March compared to February, the U.S. Census Bureau reported on April 15.

It was the largest monthly decline ever as widespread, mandated business closures amid the coronavirus pandemic severely damaged consumer spending. Economists had forecast an 8 percent month-over-month decline in retail sales, according to Reuters.

National retail sales fell 6.2 percent in March when compared to the year-ago period.

Huge gains in consumer spending at grocery stores, pharmacies, and online retailers were not enough to overcome the damage done to the rest of the retail sector with so many bricks and mortar stores closed and consumers out of jobs across America.