(NewsReady.com) – New economic reports are showing a disturbing reality: the decline of America’s economy doing more poorly than anticipated. While it’s not substantially worse, it’s enough to make a difference. Unemployment and retail sales really tell the story.
— Bloomberg Markets (@markets) April 15, 2020
Retail sales plummeted a devastating 8.7% in March. The industry hasn’t performed that poorly since the government began tracking data in 1992. However, the drop isn’t a huge surprise since over 90% of Americans are affected by stay-at-home or shelter-in-place orders.
Only grocery stores excelled during March with an increase of 26.7%. Other retail sectors are devastated, though. Clothing and accessories dropped 50.5%, sporting goods by 23.3% and electronics and appliance store sales dropped by 15.1%.
The news comes as America learned unemployment claims have reached a total of 22 million in the last 4 weeks.
It’s clear that the overall trend of the economy is not looking great, but President Donald Trump is hard at work on plans to remedy this situation. On April 16, he announced a three-phase economic recovery plan to reopen the government.
Things might look bleak now, but it’s always darkest just before dawn.
~Daily News for Busy People!
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