US retail sales crash in March in the wake of Covid-19

Retail sales in the US fell at a record pace in March as the coronavirus pandemic swept across the country.

According to the Department of Commerce, in seasonally adjusted terms, retail sales volumes shrank at a month-on-month pace of 8.7% to reach $483.07bn (consensus: -6.0%).

That left retail sales 6.2% below their year ago levels.

In comparison to February, the largest percentage point drops were seen in sales of clothing (-50.5%), motor vehicles (-25.6%) and furniture (-26.8%).

On the flip side, sales at food and beverage stores shot 25.0% higher, alongside a 4.3% jump in sales at health and personal care stores.