Retail Sales Plunge A Record 16.4% In April

Squawk Pod


Nobody's shopping retail spending plunged in April as the corona virus pandemic forced the American consumer home and out of restaurants stores even gas stations. The April retail sales drop of sixteen point. Four percent broke the record set just last month now. Online retail sales are up including a statistic. I think I have directly influenced PYJAMA sales up one hundred fifty percent last month but the American consumer is our backbone typically responsible for about seventy percent of our twenty one trillion dollar plus economy here. Cnbc senior economics reporter Steve. Liebmann people aren't buying stuff. I mean I hate to state the obvious but this is an obvious statement in bold relief. Here they're not buying cars down twelve percent. They're not buying furnishings and home furnishing items down fifty eight percent clothing and clothing accessories down. Seventy eight percent. I mean there's one positive here I think there is just one positive that positive is non store retailers up eight point four percent and besides some sort of strange up and down we had in December eighteen that is the largest one month increase in that is electronics. And that's where people are indeed buying things. Non Store Retailers Down Twenty nine percent and I want to just say a word here. You have gasoline gasoline station sales down twenty eight percent normally. That's a good thing where the decline in gas prices ends up being sort of like a tax cut for individuals except in this case because people aren't driving they aren't really getting that remained necessarily. They're not paying as much for gasoline and not going to work. But you're not getting the stimulus you might otherwise get from the decline of gas prices similar ideas here with the decline in Federal Reserve interest rates so the nation shutdown that shutdown showing up dramatically in these retail sales price sales report here. And we're just not seeing yet and he kind of evidence in the early. May data a bunch of a rebound Andrew

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