Retail sales data

The latest data from the US that retail sales plummeted in March goes to show that some businesses are coming to an almost halt as consumers tighten their spending habits amid the coronavirus (Covid-19) spread.

Globally, retail sales have fallen in almost every country and people are spending mostly on groceries and essential items during the lockdowns. The decline in the US beats the previous record drop of 3.9% during the Great Recession in November 2008 and output at factories has declined most since 1946, reports say.