US Retail Sales Fall to an All-time Low

Data released by the US Department of Commerce showed today that retail sales in the United States fell to a record level for the second consecutive month by 16.4% during the month of April compared to a decline of 8.3% in March.

The decline in retail sales in April is the largest decline since the government began tracking the chain in 1992, and on an annual basis, retail sales fell by 21.6% during the twelve months to April compared to the same period last year.

The data also showed today that US industrial production fell to 11.2% in April, the largest decline in 101 years, compared to a decline of 4.5% in March, and manufacturing production fell by 13.7% in April.