Microsoft Azure Certification Training

US retail sales to a record-setting nosedive in March due to the coronavirus pandemic

This story was delivered to Business Insider Intelligence Payments & Commerce Briefing subscribers earlier this morning.
To get this story plus others to your inbox each day, hours before they’re published on Business Insider, click here.
Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.

US retail and food services sales dropped 8.7% in March 2020 compared to February 2020, when sales dipped just 0.4% from the month prior, per estimates from the US Census Bureau.

estimated annual US retail sales growthBusiness Insider Intelligence

This represents the largest month-to-month decline in US retail sales since the government began tracking the data in 1992, according to CNBC. Retail sales in March were also down 6.2% annually, as the coronavirus is taking a toll on the industry by forcing many merchants to close their stores and causing consumers to shop less. And the decrease in spending appears to be impacting the financial services industry too, considering JPMorgan Chase and Wells Fargo reported drops in card transactions in Q1 2020.See the rest of the story at Business Insider

See Also:

Amazon is adjusting its online grocery operations, including putting new customers on a waitlistRetailers’ and restaurants’ sales continue plummeting amid the coronavirus pandemicInstacart customers are baiting workers by enticing them with hefty tips and then removing the money once an order is complete

To discover more visit:

Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.