Retail Sales Collapse

This morning retail sales were announced for March. They were down a record 6.2% in one month. As you can see clearly from this graph, this was the biggest drop on record.

The largest drop in one month in the financial crisis recession was only around 4%.

Even though this is a larger drop than any month in 08-09, it will probably be closer to -20% to -30% in April. Stores were only closed about 1/3 of the month of March.

As I mentioned in my economic updates, this recession will be far deeper than any recession since the Great Depression and will take a long time to recover from.