Forex News

US retail sales report sharpest plunge on record

US retail sales report sharpest plunge on record

Retail sales in the United States saw its sharpest decline on record in April, reflecting the fall in consumer spending due to the lockdown, the US Census Bureau data showed.

The volume of retail sales plummeted 16.4 percent last month, the most on records, while the previous reading was revised up from -8.7 percent to -8.3 percent. Analysts had estimated a 12 percent drop. 

Core retail sales also edged down 17.2 percent from an upwardly revised of -4.0 percent. That also was worse than analysts' forecasts of 8.6 percent decrease.

From a year earlier, retail sales were 21.6 percent down, with clothing shops tumbling 89.3 percent. Yet, non-store retailers - including online stores such as Amazon – climbed 21.6 percent from last year.

The dollar index traded slightly lower at 100.14, yet still set for its second consecutive weekly advance, as of 13:10 GMT.

Share Article