Retail Sales Collapse

Retail sales collapsed 16.4% in April, the largest single-month decline on record.

The only bright spots were online retailers and food and beverage stores, but food and beverage stores merely stole share from restaurants and bars.

Industrial production plunged as well, off 11.2% — its largest monthly drop.  And, manufacturing output dropped 13.7%, also its largest decline ever.

Capacity utilization fell to 64.9% – well below its 80% average rate.

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