The latest Reuters survey of economists is likely to show that consumer spending, which accounts for more than two-thirds of US economic activity, registered a record drop for the second consecutive month in April due to the coronavirus hit on the economy.
“Retail Sales probably collapsed 12.0% last month, which would be the second biggest decline since the government started tracking the series in 1992. Retail sales plunged 8.7% in March.
Excluding automobiles, gasoline, building materials and food services, retail sales are forecast dropping 4.6% in April after a surprise 1.7% jump in March.
The US Retail Sales tumbled at a 7.6% annualized rate in the first quarter, the sharpest drop since the second quarter of 1980.”