The biggest factor in the downturn was a collapse in clothing and accessories that amounted to an 89.3% fall from a year ago.
Consumer spending tumbled a record 16.4% in April as the backbone of the U. S. economy retrenched amid the coronavirus pandemic, according to a government report Friday.
Economists surveyed by Dow Jones expected the advanced retail sales number to fall 12.3% after March’s reported 8.3% dive already had set a record for data going back to 1992. The March numbers were revised to be not as bad as the 8.7% initially reported.
Some 68% of the nation’s $21.5 trillion economy comes from personal consumption expenditures, which tumbled 7.6% in the first quarter just as social distancing measures aimed at containing the coronavirus began to take effect.
Friday’s data showed that the slowdown continued into the first part of the second quarter as layoffs began to mount and consumers went into lockdown.
