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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.
Business 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
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