Retail sales plunged nearly 9% in March, marking the largest one-month drop in U.S. retail sales since the U.S. Department of Commerce began keeping records in 1992. A preliminary report from the Department of Commerce showed an 8.7% drop, or $483.1 billion, in sales, as the coronavirus pandemic worsened across the country.The drop was a 6.2% decrease from the same time in 2019.
Grocery stores, pharmacies and other retailers carrying essential goods experienced a 26% increase in sales last month as people stocked up on food and household necessities. but it was not enough to make up for the plunges other markets suffered. Clothing sales fell more than 50% and auto sales dropped 25.6%. Gas station sales, impacted by reduced commuting and lower gas prices, decreased about 17%.
March’s decline is the largest monthly decrease on record and is twice as large as the previous record of 3.9%, which occurred in November 2008 during the financial crisis. The preliminary report sent stocks tumbling Wednesday morning, with the S&P 500 dropping more than 2.6% and the Dow Jones Industrial Average falling more than 600 points.
