Retail sales plunge record 16.4% in April, far more than the 12.3% decline that was expected.

  • This follows March’s reported 8.7% dive that had already set a record for data going back to 1992.
  • Clothing stores took the biggest hit with a 78.8% tumble. Other big losers were electronics and appliances (-60.6%), furniture and home furnishing (-58.7%) sporting goods (-38%), and bars and restaurants (-29.5%).
  • About 68% of the nation’s $21.5 trillion economy comes from personal consumption expenditures.