US retail sales shrink for second straight month in April
The world's biggest economy is on its way to the biggest slump since the Great Depression of the 1930s
Add BT as a preferred source
Washington
US retail sales endured a second straight month of record declines in April, as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
The Commerce Department said on Friday that retail sales plunged 16.4 per cent last month, the biggest decline since the government started tracking the series in 1992. Data for March was revised to show receipts at retailers falling 8.3 per cent instead of by 8.7 per cent as previously reported.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
